Jan 25 (LNGJ) - Beach Energy of Australia reported a 37 percent increase in quarterly sales revenue of A$544 million (US$358M), mainly due to the sale of the first Waitsia LNG project cargo from the onshore gas project in the Perth Basin of Western Australia and the one-off sale of a condensate shipment from the Waitsia venture with Mitsui of Japan. “Production and stored volumes from the Xyris Gas Plant, together with third-party surplus gas sourced via a swap arrangement, enabled processing and lifting of the first Waitsia LNG cargo at the North West Shelf plant (tolling) in December 2023,” said Beach.
“Beach acquired Mitsui’s 50 percent share and sold the cargo to BP under the terms of the previously announced LNG sales and purchase agreement with BP. The cargo delivered revenue of A$96 million and net cash proceeds to Beach of A$49M after purchase of Mitsui’s share,” said Beach. “As we work toward commissioning of the Waitsia Gas Plant, we look forward to selling regular LNG cargoes into the global market,” said Chief Executive Bruce Clement.
