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Oil Search smashes records

Strong fourth quarter production took Oil Search’s 2017 full year production to 30.31 MMboe, the highest in the company’s history.

Total production in the fourth quarter of 2017 was 7.59 MMboe, with the PNG LNG Project’s production net to Oil Search was 6.08 MMboe.

PNG LNG operated at an annualised rate of approximately 8.4 MMt/a, despite a short rate reduction in October related to the second phase of LNG plant compressor upgrades.

The Oil Search-operated PNG oil and gas fields also performed well, contributing 1.51 MMboe net to Oil Search.

Total revenue for the quarter was US$389 million, up 2 per cent on the previous quarter, reflecting a strong improvement in hydrocarbon prices, partially offset by lower product sales.

Finally, the results of engineering studies on the various integrated downstream development options for processing gas from the Elk-Antelope fields in PRL 15 and in PRL 3 were provided to the joint venture participants in December.

Discussions between Oil Search, Total and ExxonMobil progressed on core project financing and marketing arrangements, with key project definition expected in early 2018, prior to presenting a preferred development option to the PNG Government.

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