Origin Enrg Fin Ltd (46RZ) - Quarterly Production Report
RNS Number : 9104P
Origin Energy Finance Limited
31 October 2012
31 October 2012
BassGas and Otway return to production after planned shutdowns
Origin Energy Limited (Origin) today released the Quarterly Production Report
for its Exploration and Production business for the three months ending 30
September 2012, reporting production of 33 petajoules equivalent (PJe) and
revenues of $225 million.
During the period, Australia Pacific LNG, in which Origin has a 37.5 per cent
interest, announced that a final investment decision (FID) on the second train
of its two-train CSG to LNG project had been approved. In addition, the
subscription agreement for Sinopec to increase its shareholding in Australia
Pacific LNG from 15 per cent to 25 per cent was completed. This reduced
Origin's shareholding in Australia Pacific LNG to 37.5 per cent.
The Australia Pacific LNG project continues to make good progress and remains
on budget and on track to deliver first LNG in mid 2015. At 30 September 2012,
the Upstream project was 20 per cent complete and the Downstream project was
23 per cent complete.
Origin Chief Executive Officer, Upstream, Mr Paul Zealand said, "Following a
major planned shutdown at the Otway gas plant, the Otway Basin recorded an 11
per cent increase in production for the September Quarter, when compared to
the June Quarter. Origin's overall production and revenues were largely in
line with the prior quarter, reflecting the higher Otway production, Origin's
lower shareholding in Australia Pacific LNG and no gas production in the Surat
"BassGas did not contribute to production during the September Quarter due to
the extended shutdown for the Mid Life Enhancement project, however the
current infield activities associated with the project have since been
completed and production recommenced on 15 October 2012. Consistent with the
BassGas shutdown, production in the September Quarter decreased by 10 per cent
and revenues decreased by three per cent, when compared with the September
"Origin is pleased to have its two major producing assets in southern
Australia - BassGas and Otway - back in production after planned shutdowns,
and helping to meet the energy needs of the south eastern Australian market,"
Mr Zealand said.
Sales volumes during the September Quarter reduced to 36 PJe, an eight per
cent decrease on that achieved in the same period in 2011. However, as a
result of higher average prices, revenues during the September 2012 quarter
decreased by only three per cent to $225 million.
NOTE: The report does not cover other areas of the integrated energy
undertaken by Origin, including electricity generation, energy retailing,
non-hydrocarbon development activity or its subsidiary Contact Energy of New
For further information please contact:
Anneliis Allen Kylie Springall
Senior External Affairs Manager, Group Manager, Investor Relations
Ph: +61 2 8345 5119 Ph: +61 2 8345 5288
Mobile: +61 42 967 166 Mobile: +61 400 477 393
About Origin Energy
Origin Energy (ASX: ORG) is the leading Australian integrated energy company
focused on gas and oil exploration and production, power generation and energy
retailing. A member of the S&P/ASX 20 Index, the company has more than 5,900
employees and is a leading producer of gas in eastern Australia. Origin is
Australia's largest energy retailer servicing 4.4 million electricity, natural
gas and LPG customer accounts and has the country's largest and one of the
most flexible generation portfolios with approximately 5,900 MW of capacity,
through either owned generation or contracted rights. Origin's strategic
positioning and portfolio of assets provide flexibility, stability and
significant opportunities for growth across the energy industry. Through
Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and
Sinopec, Origin is developing one of Australia's largest CSG to LNG projects
based on Australia's largest 2P CSG reserves base.
In New Zealand, Origin is the major shareholder in Contact Energy, the
country's leading integrated energy company, operating geothermal, thermal and
hydro generation facilities and servicing electricity, gas and LPG customers
across both the North and South islands. Origin also operates several oil and
gas projects in New Zealand and is one of the largest holders of petroleum
exploration acreage in the country.
Origin has a strong focus on ensuring the sustainability of its operations, is
the largest green energy retailer in Australia and has significant investments
in renewable energy technologies.
For more information go to www.originenergy.com.au .
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MSCGGBDGRDXBGDB -0- Oct/31/2012 07:00 GMT
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