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Origin Energy reports 10 pct drop in quarterly production
SYDNEY Oct 31 (Reuters) - Australia's Origin Energy said on Wednesday its production in the September quarter fell 10 percent to 33.1 petajoules equivalent, mainly due to a lack of output from its BassGas facility as it underwent an upgrade.
Revenue fell 3 percent to A$224.5 million ($232.8 million) as lower sales volumes more than offset higher average prices.
Origin said its flagship development, the $23.6 billion Australia Pacific Liquefied Natural Gas (APLNG) project, a joint venture with ConocoPhillips, remains on budget and on schedule to deliver its first LNG in 2015.
The project is one of three coal seam gas-to-LNG developments being built in Australia's eastern state of Queensland.
Industry experts view APLNG as better positioned than projects being built by rivals Santos and BG Group , both of whom have already signed up to buy gas from Origin.
The company said that BassGas, its joint venture with AWE Ltd and Toyota Tsusho Gas, restarted production on October 15 after it was suspended in late 2011 for an upgrade, which included converting the Yolla platform in Bass Strait from an unmanned to a manned facility.
Origin shares were steady at A$11.35 at 0111 GMT.
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