Origin ramps up production
ORIGIN Energy has lifted fullyear oil and gas production 40 per cent to 323 petajoules, helped by the ramp- up of operations at its Australia Pacific liquefied natural gas project and better- thanexpected output from its conventional oil and gas business.
Oil and gas revenue for the year to June 30 more than doubled to $ 2.2 billion, helped by the increased production and better prices.
Chief executive Frank Calabria said the result was a mark of the company’s strong operational performance.
The APLNG project in Queensland, in which Origin holds a 37.5 per cent stake, has ramped up production over the past 18 months, and started producing from its second train in October 2016.
Output from its Lattice Energy suite of conventional oil and gas assets also exceeded 90 petajoules. SHARES in wind farm operator Infigen Energy have rebounded from an early session fall amid news that record low wind generation had resulted in a 36 per cent slump in quarterly revenue.
The Sydney- based company, which owns and sells 557 megawatts of wind- generated electricity through the spot markets, said record low wind conditions across its NSW and South Australian farms had resulted in a 37 per cent drop in production.
Production fell to 254 GWh, from 406 GWh in the same period last year, with wind output 40 per cent below the previous June quarter and 30 per cent below its previous June average, the company said. However, Infigen said its full- year production was up 1 per cent on the previous year.