Origin Energy, Australia, reports a 12% decline in APLNG revenue for the first quarter.
Origin Energy, Australia's largest energy company, reported a 12% drop in revenue from its Australia Pacific LNG stake for the first three months of the year. The fall was attributed to lower LNG prices and volumes.
The power producer reported revenues from the APLNG joint venture -- a joint project with U.S. oil major ConocoPhillips, and China's State-owned Sinopec — of A$482 ($313.20) million for the three-month period ended September 30 compared to A$547 in the previous quarter.
Prices for liquefied natural gases fell to multi-week lows during the third quarter due to a lackluster demand in Asia, particularly from China, Australia's biggest trading partner and major LNG consumer. Production remained strong, as did stockpiles, while supply remained ample.
Origin realized $10.08 for every metric million British Thermal Units (mmBtu), in the third quarter, from its LNG product produced by the APLNG Queensland project. This compares to $10.26 in the second quarter.
Total sales fell 1% to 44.4 petajoules, while the energy retailer's share of the total production from the project was stable in the last three months.
(source: Reuters)
