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Reuters
Reuters
Business

Australia's Origin Energy's APLNG project posts record quarterly revenue

FILE PHOTO: The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. REUTERS/Jason Reed

(Reuters) - Origin Energy Ltd <ORG.AX>, Australia's top electricity and gas retailer, said on Tuesday that its stake in the Australia Pacific LNG project (APLNG) earned record revenue in the June quarter, thanks to higher prices and increased production.Revenue rose to A$570.2 million ($422.4 million) in the quarter ended June from A$464.4 million a year earlier.

Production for the quarter rose 4 percent to a record of 64 petajoules equivalent (PJe), from a year earlier.

Origin said that the joint venture expects to complete three separate planned maintenance shutdowns in the current quarter, with each resulting in a half-train outage for about a week.

An LNG "train" is the compressors used to make natural gas transportable in large volumes.

The firm added that it will record an one-off charge of $41 million as APLNG's intends to divest one of its permits due to lower likelihood of commercial development in the area.

APLNG is a joint venture between Origin, ConocoPhillips <COP.N> and China Petroleum & Chemical Corp (Sinopec) <600028.SS>.

(Reporting by Aditya Soni in Bengaluru; Editing by Eric Meijer)

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