APLNG revenue up 42% in October-December
Australia Pacific LNG (APLNG) project revenue in the October-December quarter (Q2) came in at A$3.18bn ($2.23bn), up 42% yr/yr on the back of higher oil and LNG prices, Origin Energy, one of the partners in the project, said on January 31.
APLNG’s realised LNG price in Q2 was $15.94/mn Btu, compared with $11.08/mn Btu. The average oil price was $114/b (A$173/b), up from $71/b (A$98/b) in the same quarter last year.
APLNG, a joint venture comprising Origin, ConocoPhillips and China's Sinopec, is Australia’s largest producer of coalbed methane (CBM) and supplies gas to Queensland’s domestic gas market, while also processing CBM into LNG for exports.
Origin’s revenue from its stake in APLNG rose to A$821mn in Q2, from A$693.6mn a year earlier. It owns a 27.5% stake in APLNG. Other stakeholders are ConocoPhillips and China’s Sinopec.
Canadian investor Brookfield in partnership with MidOcean Energy, an LNG company formed and managed by EIG, plans to acquire all the issued shares in Origin at a price of A$9/share. As per the offer, Brookfield would acquire Origin’s energy markets business and MidOcean would acquire the integrated gas business including a 27.5% interest in Queensland-based APLNG.
Earlier this month, Origin granted the consortium more time to close the A$18.4bn deal to buy the company.