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Major milestones for Beach Energy

Genesis Energy sales

For the first six months of the 2024 financial year, Beach Energy had a strong financial performance, recording sales revenue of $941 million.

The result, which is a 16 per cent increase on the previous reporting period, was supported by the first Waitsia LNG and condensate cargoes.

Beach Energy managing director and chief executive officer Brett Woods, who recently joined the company, said the last six months saw several milestones achieved.

“On the East Coast, we were pleased to conclude negotiations with Origin for the Otway Basin price review and a new agreement for the sale of Enterprise gas,” Woods said.

“Our Otway Basin arrangements now provider greater certainty for increasing production and higher prices in CY2024 and beyond.”

Woods also commented on the company’s progress on the west side of Australia.

“In the West, the first Waitsia LNG cargo and a one-off Waitsia condensate cargo were key highlights,” he said.

“While construction of the Waitsia Gas Plant continues, our strategy to mitigate past challenges by storing surplus gas from the Xyris Gas Plant allowed us to fill an early LNG cargo and benefit from strong market prices.”

The company also noted that the Moomba CCS project is 80 per cent complete with first CO2 injection aiming for mid-CY2024.

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