OPERATIONS

Origin's revenue up despite plummeting oil output

ORIGIN Energy has posted a record quarterly revenue result, on the back of higher gas output, and in spite of a 22% drop in oil production.

Origin's revenue up despite plummeting oil output

In its September quarterly report, the energy major said yesterday that sales revenue of $129.6 million was 6% higher than the previous quarter and 11% higher that the previous corresponding period.

"Gas production increased by 13 percent mainly due to a 25 percent increase in coal seam gas production to 7.6 petajoules," Origin said.

"Oil production fell by 22 percent to 254,000 barrels due to declining production in the onshore Perth Basin and oil transportation constraints in the Cooper Basin."

At its 100%-owned Spring Gully project, Origin said the Strathblane gas plant had been commissioned and coal seam methane production had reached 68 terajoules per day.

Output and capacity at Spring Gully is expected to increase a further 150 TJ/d, on completion of the next development phase.

The company drilled a total of 30 CSM wells in the quarter, being eight development wells at Fairview, four at Spring Gully, four at Argyle, 10 pilot wells at Codie-Lauren in ATP 602P and four exploration holes in PL 100-ATP 754P.

In the Cooper Basin, Origin participated in drilling 19 wells, of which 15 were successful for mostly oil.

BassGas production is holding steady at about 56 TJ/day, and the Otway Gas Plant remains offline while Woodside works to fix leaks on the monoethylene glycol pipeline.

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