Business
Origin cuts back gas drilling as pandemic drain hits exports – Sydney Morning Herald
Origin has curtailed drilling at its Queensland gas operations in the latest sign of the severity of COVID-19’s impact on the energy market.
“Gas production was steady for the quarter, however as expected, realised prices were lower as the lagged impact of oil prices on APLNG’s contracts started to flow through to revenues,” he said.
“With demand for LNG continuing to be subdued and strong performance from our gas fields, Origin has reduced drilling activity for the year across upstream operations at APLNG.”
As a result, Mr Calabria said, Origin’s share of capital expenditure for APLNG would be $33 million lower across the quarter.
Analysts…
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