Oil Search: PNG LNG exports 53 cargoes in H1 2017

Oil Search: PNG LNG exports 53 cargoes in H1 2017

ExxonMobil-operated PNG LNG project’s volumes delivered in the first half of 2017 edged up slightly compared to the corresponding period last year. 

In its latest report, Oil Search, the holder of the owner of a 29 percent stake in the project, informed the LNG delivered volumes stood at 59,047 billion Btu, almost 1 percent higher than in the prior period.

The project exported 53 cargoes in total during the period, level with the first half of 2016.

In its second quarter report, Oil Search said that in June the PNG LNG project produced at a record annualized rate of 8.65 MTPA, nearly 25 percent above the plant’s 6.9 MTPA nameplate capacity, with these high rates being maintained through July.

Oil Search further noted that ExxonMobil has progressed the marketing of up to 1.3 mtpa of additional volumes being offered by the project.

“It is expected that terms will be agreed with customers by the end of the year and then formalized in binding LNG sale and purchase agreements,” Oil Search’s report shows.

These new SPAs would be in addition to the existing supply of 6.6 MTPA sold under long-term SPAs with JERA, Osaka Gas, Sinopec and CPC.

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