Two hundred and five (205) LNG cargoes had been delivered from the PNG LNG Project at the end of June 2016 since commencing sales, with very high levels of reliability achieved.
Oil Search Managing Director Peter Botten said during the first half of 2016, 53 LNG cargoes were sold, comprising 45 sold under long-term contracts and eight sold on the spot market.
“Six of the eight spot cargoes were sold to customers in Japan, reflecting the desirability of PNG LNG’s high heating value gas to Japanese consumers.
“16 cargoes of Kutubu Blend and five naphtha cargoes were also sold during the half.”
He said despite the maturity of Oil Search’s oil fields, total operated production was 4% higher than in the first half of 2015.
“This very pleasing performance reflected the ramp up of third party gas exports from SE Gobe to the PNG LNG Project, successful reservoir management initiatives, particularly at Kutubu and Moran, facilities optimisation and other productivity and efficiency initiatives implemented in late 2015 and early 2016, which continue to reap rewards.”
Botten made those remarks when commenting on Oil Search’s half year results today.