Australia Pacific LNG 75% Complete

Origin Energy on Thursday announced that Australia Pacific LNG (APLNG) project has made strong progress with the upstream component approximately 76 per cent complete and the downstream component approximately 75 per cent complete.

“Australia Pacific LNG remains on track to deliver first LNG in mid-2015. During the past quarter, 141 Phase 1 development wells were drilled, bringing the total to 821, and Condabri Central Train 1 gas processing facility was commissioned,” Origin Chief Executive Officer LNG, David Baldwin said.

For the year ended 30 June 2014, Origin recorded production of 142 PJe, a 15 per cent increase on the prior year, and a 32 per cent increase in revenues to $1,122 million. Production during the June quarter increased by 8 per cent compared with the March quarter while sales volumes and revenues rose by 12 per cent and 11 per cent respectively.

During the past 12 months, Origin successfully added to its overall reserves position. As on 30 June 2014, Origin’s Proved plus Probable (2P) reserves (including its 37.5 per cent share of Australia Pacific LNG reserves) totalled 6,473 PJe, representing a 4 per cent increase on the prior year net of production, the company said.

Australia Pacific LNG’s 2P reserves increased by 709 PJe during the year to 14,091 PJe and 3P reserves increased by 1,304 PJe to 17,459 PJe. Origin’s 37.5 per cent share of Australia Pacific LNG’s 2P reserves was 5,284 PJe, an increase of 266 PJe.

The increase in Australia Pacific LNG’s 2P reserves was driven by the project’s exploration and appraisal program and extensive development drilling as part of the Phase 1 project.

Excluding Australia Pacific LNG, Origin more than replaced its 2014 production through additions to its 2P reserves position, primarily at its Ironbark CSG field in Queensland, which increased by 94 PJe following favourable appraisal well drilling results.