Sydney and Port Moresby company Oil Search Ltd. has notched up its highest ever production volumes during the third quarter, most of it thanks to the rise in output from the ExxonMobil Corp.-operated Papua New Guinea-LNG project.
The company reported production of 7.91 million boe, an increase of 9.3% over the previous quarter and 3.7% higher than the same quarter last year.
The PNG-LNG project produced at its highest rate for the quarter since the development came on stream in 2014 recording an equivalent of 8.6 million tonnes/year.
Oil Search is on track for a production target 29-30.5 million boe for 2017.
Revenue for the third quarter rose to $380.8 million.
The company said the oil and gas fields it operates in the Kutubu-Gobe region of Papua New Guinea also performed well, contributing 1.52 million boe vs. 1.34 million boe produced last quarter.
Oil Search has signalled that its growth prospects will be in development of additional LNG production trains using gas supplies from P’nyang gas field in the western highlands and the Elk-Antelope fields in the eastern highlands.
Engineering studies for both these projects are under way to evaluate a narrow range of options for development of both these resources. Managing director Peter Botten said the venture partners are aiming to present an aligned development proposal to the new recently elected Papua New Guinea government before yearend.
