Origin Energy Limited has released the Quarterly Production Report for its Exploration and Production business for the quarter to 31 December 2013, reporting production of 37 petajoules equivalent (PJe) and sales revenue of $281 million.
When compared to the corresponding quarter in 2012, production increased 28 per cent primarily reflecting higher volumes from Otway Basin. Sales revenue increased by 39 per cent compared to the corresponding quarter in 2012, reflecting increased production, higher average commodity prices and higher third party sales volumes.
When compared to the previous quarter, production decreased by 1 per cent as higher plant availability and increased volumes at Otway were offset by lower seasonal demand at Kupe. Sales revenue decreased 9 per cent from the September quarter 2013, reflecting production levels and lower average commodity prices.
Origin Chief Executive Officer Upstream, Mr Paul Zealand said, “Origin’s continued strong production performance during the period can be attributed to the investments made in prior periods to improve the reliability and availability of producing assets.”
Origin also reported on the progress of the Australia Pacific LNG project.
Origin Chief Executive Officer LNG, Mr David Baldwin said, “The delivery of Australia Pacific LNG remains a key priority for Origin and we continue to make progress with the Upstream component approximately 58 per cent complete and the Downstream component approximately 62 per cent complete.”
For more information see the full Quarterly Production Report.