Goal to make APLNG low cost site
ORIGIN Energy has set an 18-month target to turn its Australia Pacific LNG venture into a low-cost gas exporting site.
In its half year report released this week Origin, which has a 37.5 per cent stake in APLNG, said it expects the Curtis Island LNG exporter to be cash flow break-even this year due to higher spot LNG prices. The report confirmed the energy giant dramatically narrowed its half-year loss to
$207 million, from
$1.56 billion, but has still been weighed down by $533 million in impairments.
Chief executive Frank Calabria said during the second half of 2017 the company continued to make progress on reducing debt and bettering returns.
“We have improved earnings from energy markets, while Australia Pacific LNG delivered higher production and revenue,” Mr Calabria said.
The report, released Wednesday, said APLNG has now shipped more than 200 LNG cargoes.