A total of 101 PNG LNG shipments have been sold to the market in 2015.
Oil Search in its fourth quarter report revealed that nearly 80 percent were sold under long-term contract, with the ramp up of contract sales progressing in line with expectations.
They (Oil Search) sold 24 LNG cargoes during the period, 21 under long- term contract and three on the spot market, with four cargoes on the water at year end.
However, they are one shipment less compared to 25 cargoes in the third quarter, due to timing of deliveries.
The average oil and condensate price realised during the quarter was US$42.90 per barrel, 14% lower than in the third quarter, reflecting the global downturn in spot oil prices.
The average price realised for LNG and gas sales declined 6 percent to US$8.41 (K24.66) per mmBtu, with the smaller drop reflecting the approximately three month lag between the spot oil price and LNG contract prices.
The Company did not undertake any hedging transactions during the period and remains unhedged.
Total sales revenue from LNG, gas, oil and condensate for the quarter was US$326.3 million (K956.89m), while other revenue, comprising rig lease income, infrastructure tariffs, electricity, refinery and naphtha sales, was US$16.6 million (K48.68m).