Origin said in its quarterly report that APLNG revenue reached about A$2.71 billion ($1.69 billion) in the October-December period.
Compared to the December quarter of 2023, APLNG revenue increased 14 percent, while it rose 3 percent compared to the prior quarter.
Origin said that APLNG revenue rose due to higher LNG volumes and prices, offset by lower short-term domestic volumes.
The project’s LNG revenue of about A$2.48 billion rose 11 percent compared to the prior quarter and 15 percent compared to the same quarter in 2023.
Origin attributed the rise to higher sales volumes and higher realized prices, including
volume mix considerations between spot and contract sales.
The company’s share of APLNG revenue for the December quarter was A$681 million, up 11 percent compared with the prior quarter and a rise of 15 percent compared to the same quarter in 2023.
Origin owns a 22.5 percent in the project and is the upstream operator, while China’s Sinopec owns a 25 percent share in APLNG.
US energy giant ConocoPhillips has a 47.5 percent share in the APLNG project and operates the 9 mtpa LNG export facility on Curtis Island near Gladstone.
Last year, APLNG shipped its 1000th LNG cargo since it started operations in 2016.
36 LNG cargoes
Origin said that APLNG shipped 36 LNG cargoes during the December quarter, up by four cargoes compared to the same quarter in 2023 and up by two cargoes compared to the prior quarter.
During July-December, APLNG shipped 70 cargoes, seven more compared to the same period in the year before.
The LNG project delivered seven spot cargoes during the period, the same as in the same period in the year before.
APLNG’s December quarter realized average LNG price was $12.20/MMBtu, compared to 11.88/MMBtu in the same quarter last year and 11.95/MMBtu in the prior quarter, while average domestic price was A$7.26/GJ.
Production of 172.2 PJ dropped 1 percent compared to the previous quarter and it rose 3 percent compared to the same quarter last year.
Origin CEO Frank Calabria said that APLNG delivered “strong revenue for the quarter driven by higher LNG volumes and prices, however production slightly declined as we achieved lower than expected benefits from well optimization activities at some fields, and output was also lower at some non-operated assets.”
“As a result, Origin has lowered expectations for Australia Pacific LNG FY25 production LNG to 670 – 690 PJ. Australia Pacific LNG maintains a range of levers to manage gas supply over the medium term including well and field optimization, development drilling, exploration, and other opportunities to commercialize low-cost gas supply,” he said.
