Beach Energy has reported a solid start to FY25, with production rising 10% quarter-on-quarter, driven by its successful projects in the Otway and Bass Basins. The company's first-quarter report highlights total production of 5.2 million barrels of oil equivalent (MMboe), up from 4.8 MMboe in the previous quarter. This growth was underpinned by a 24% increase in the Otway Basin, following the completion of the Enterprise development, and an 81% surge in Bass Basin production due to successful wellbore intervention.
Revenue for the quarter was steady at $427 million, maintaining levels from the previous quarter despite a reduction in realised oil prices by 11%. The average realised gas price remained strong at $10.3/GJ. Additionally, the commissioning of the Moomba carbon capture and storage (CCS) project marked a significant milestone, with CO2 injection reaching capacity rates, positioning Beach Energy at the forefront of Australia’s decarbonisation efforts.
CEO Brett Woods expressed confidence in the company’s progress, stating, "Production enhancement initiatives and key project completions have strengthened our financial position. We are also proud of the outstanding safety performance, with 10 months injury-free."
Looking ahead, Beach Energy continues to target the first gas from the Waitsia Stage 2 project in early CY2025.
