Australia-based Origin Energy has reported sales revenue of A$129.6 million for the first quarter of 2007, a 6% increase compared to the previous quarter and a 11% increase compared to the prior year period.
The company reported that total production for the first quarter was 9% higher at 24.2 petajoules equivalent (PJe), compared with the previous quarter, largely driven by coal seam gas (CSG) production that was up from 6.1PJ to 7.6PJ.
The increased revenues reflected higher product prices with the increased oil price particularly significant in partially offsetting lower (by 10%) oil sales.
The company’s gas production increased 13%, mainly due to a 25% increase in CSG production to 7.6PJ. Oil production fell by 22% due to declining production in the onshore Perth Basin, and oil transportation constraints in the Cooper Basin.