Oil Search: 77 cargoes loaded at PNG LNG in first nine months

Oil Search: 77 cargoes loaded at PNG LNG in first nine months

ExxonMobil-operated US$19 billion PNG LNG project has exported 77 cargoes of the chilled gas in the first nine months of this year.

The PNG LNG project performed well above the nameplate capacity of 6.9 MTPA, operating at an annualised rate of approximately 7.4 MTPA during the third quarter and reaching higher daily rates on test,Oil Search managing director, Petter Botten, said on Tuesday.

According to Botten, demand for the project’s spot LNG volumes remained robust.

Since start-up, the project’s contract customers have purchased more than 80% of the project’s available spot cargoes.

Oil Search, which owns a 29 pct stake in the LNG project is “confident the project can sustainably achieve annualised production of at least 7.3 MTPA over the balance of 2015 and into 2016,” Botten said.

PNG’s Oil Search rejected in September a US$8 billion all-share takeover offer by Australian LNG player Woodside. However, the company is still interested in new, higher offers.

The Board remains open and willing to engage with and assess any proposals tabled in the future that reflect compelling value for Oil Search shareholders,” the company’s chief added.

Oil Search said its total production in the third quarter of 2015 was 7.42 million barrels of oil equivalent (mmboe), and it represented the highest quarterly production in its history, according to the company’s quarterly report.

Total production for the nine months to 30 September was 21.74 mmboe, with the company on track to deliver 2015 full year production at the upper end of the 27 – 29 mmboe guidance range, the report said.

The company posted a revenue for the quarter of US$379.0 million, compared to US$391.5 million in the second quarter of 2015.

 

LNG World News Staff; Image: Oil Search

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