Australia's Origin Energy lowers its APLNG production for 2025

Origin Energy announced on Friday that it expects Australia Pacific LNG to produce less in 2025. However, the company reported a sequential increase of 11% in its second-quarter revenues from its stake in this project due to higher gas prices.

The power producer expects production in 2025 from APLNG, Origin's joint-venture with U.S. oil major ConocoPhillips (and Sinopec) -- to be between 670-690 Petajoules. This is 2%-3 % lower than its previous guidance.

Origin's forecast was impacted by the lower performance of some Queensland projects and weaker performance in non-operated asset due to unplanned maintenance.

The Sydney-based firm said that revenue from its APLNG stake rose to A$681 (US$422.70) million for the quarter ending Dec. 31 compared to A$615 in the previous three months.

Origin realized $12.20 for every metric million British Thermal Units (mmBtu), compared to $11.95 during the first quarter, on its LNG product.

APLNG is the largest natural gas producer in eastern Australia. The company reported that LNG sales rose by 6% over the previous quarter, to 38,4 petajoules. The company's total share of production from the project decreased 1% to 47.4 petajoules.

(source: Reuters)