Oil Search Limited Managing Director

Oil Search Limited Managing Director, Peter Botten, says they have made significant progress on resolving outstanding issues related to the identification and verification of landowner beneficiaries from the PNG LNG Project.

Botten said in the company’s 2018 quarter 3 Report, nearly all licences are either receiving or close to receiving benefits.

He added work is continuing to complete identification and verification.

“Of the 15 licences covering PNG LNG Project areas, 13 licences are either receiving or close to receiving benefits,” he said.

In a statement on July 20^th, Oil Search Limited Managing Director, Peter Botten, said the mid-term LNG SPA with PetroChina International (Hong Kong) Corporation Limited (PCI) is for a supply of approximately 0.45 million tons of  per annum (MTPA) of LNG over a three-year period.

This SPA takes the total contracted volumes from the Project to 7.0 MTPA, with 6.6 MT of PNG LNG's annual output already committed under long-term contracts to JERA, Osaka Gas, Sinopec and CPC.

He said this during the company’s 2018 Annual General Meeting in Port Moresby yesterday.

Botten also highlighted their focus on the expansion opportunities and new developments, address benefit distribution issues and a major drilling program in Alaska.

Botten said following the devastating earthquake in February, they are well on track to restore full production of its operations.

Currently, he says they are at around 80 percent of oil production capacity.