APLNG gas output rebounds in 2023-24: Origin

The 9mn t/yr Australia Pacific LNG (APLNG) project in Queensland state produced and sold more LNG in the 2023-24 fiscal year to 30 June than the previous year, upstream operator Australian independent Origin Energy said in its April-June results.

APLNG's 2023-24 output totalled 694PJ (18.53bn m³) or 3pc higher than a year earlier when it produced 674PJ, while sales of 665PJ were also 3pc up on 2022-23's 645PJ. APLNG's guidance for the year was 680-710PJ.

The 2022-23 fiscal year was affected by cumulative wet weather that Origin said cut APLNG's output from 693PJ in 2021-22.

This improved result was because of well and field optimisation Origin said, offset by the stranding of an LNG carrier at APLNG's wharf in Gladstone harbour last November that led to a temporary fall in gas production.

APLNG exported 127PJ (2.29mn t) of LNG through 33 cargoes for April-June, 4pc down from 132PJ and 34 cargoes the previous quarter and 1pc down on the 128PJ and 33 cargoes shipped in April-June 2023. APLNG delivered 15 spot cargoes in 2023-24, up from seven the previous year.

Total LNG sales for 2023-24 from APLNG were 503PJ, up from 495PJ a year earlier, with 130 cargoes up from 128 in 2022-23.

The project's average realised LNG price for 2023-24 was $11.85/mn Btu, down by 17pc from $14.20/mn Btu a year earlier. APLNG provided Origin with A$1.367bn ($888mn) in cash distributions for 2023-24, net of Origin's oil hedging.

The average National Electricity Market spot price for April-June was A$134/MWh, up by 14pc from A$118/MWh a year earlier, Origin said, with its 2,880MW Eraring coal-fired power station's output for 2023-24 up by 2.1TWh on 2022-23 to 14.3TWh.

Eraring, which will now run at least two years longer than expected following a deal with the state government, benefited from the A$125/t coal price cap during 2023-24. Its weighted-average coal price is expected to be A$30/t higher in 2024-25, Origin said.

By Tom Major