Origin Energy revenue soars as Australia Pacific LNG output jumps

Origin has booked a 90pc surge in first-quarter revenue, as production at its flagship APLNG project accelerates.

Origin Energy LNG ship Methane Spirit departs Curtis Island for Asia.

Origin Energy has logged a 55 per cent jump in first quarter production, driven by increased production at its flagship Australia Pacific LNG project in Queensland.

For the three months to September 30, the group’s production lifted 55 per cent compared to the corresponding quarter last year, to 74.2 Petajoules equivalent (PJe).

The growth represented an 8 per cent advance on the fourth quarter result.

Origin (ORG) said its revenue surged 91 per cent on the higher sales, reaching $429.7 million for the quarter.

“Strong growth in production and sales during the September quarter can be attributed to the sustained performance of Australia Pacific LNG,” Origin chief executive of the integrated gas arm, David Baldwin, said.

“Australia Pacific LNG achieved a number of significant milestones in early October including production of the first cargo from Train 2 and successful completion of the 120-day Train 1 operational lenders test, with all requirements met or exceeded.”

A total of 19 cargoes were shipped from the site in the first quarter, bringing the overall tally to 53 shipments since production began in December 2015.