Origin Sees 10% Decline in Output
Australia's Origin Energy witnessed a 10 per cent fall in production during the September quarter. The output stood at 33.1 petajoules equivalent.
The company said that the decline was mainly due to shutdown of its BassGas facility which went under upgrade.
During the period, Australia Pacific LNG, in which Origin has a 37.5 per cent interest, announced that a final investment decision (FID) on the second train of its two-train CSG to LNG project had been approved. In addition, the subscription agreement for Sinopec to increase its shareholding in Australia Pacific LNG from 15 per cent to 25 per cent was completed. This reduced Origin's shareholding in Australia Pacific LNG to 37.5 per cent.
The company said that The Australia Pacific LNG project continues to make good progress and remains on budget and on track to deliver first LNG in mid-2015. As on 30 September 2012, the upstream project was 20 per cent complete and the downstream project was 23 per cent complete.