Papua New Guinea operator Oil Search Ltd., Sydney and Port Moresby, reported that its production forecast for this calendar year is holding steady at 28.5-30.5 million boe. The company is now well advanced in its forward plans for 2018 into 2019.
These plans include designs for the tie-in of Angore field to the existing Papua New Guinea-LNG project system as well as associated modifications to the Hides gas conditioning plant in the highlands during 2018. There will be further optimization of production in 2019 to increase the total gross output from the project’s LNG plant near Port Moresby to 8.5 million tonnes/year, which will be more than 20% above nameplate capacity.
In addition, Oil Search is working with its joint venture partners Santos Ltd., Total SA, and ExxonMobil Corp. to evaluate potential for LNG trains supplied by an estimated combined total of more than 10 tcf of undeveloped gas from P’nyang field in the west and Elk-Antelope fields in the east.
Such a move would increase Oil Search’s production by 50% or more.
The company is also assessing the potential for small-scale LNG for supply to Papua New Guinea and its immediate neighborhood.
Oil Search recently established a 5-year, nonamortising, revolving credit facility of $600 million. The monetary facility is in addition to the company’s two existing bilateral facilities totalling $250 million so that the company’s total available funds amount to $850 million.
