Oil Search Boosts Performance
Because of its focus on performance, capital and cost allocation, Oil Search has resulted in a firm production.
Managing director Keiran Wulff said the developments of Oil Search had regained momentum with the passing of the government in Parliament the remaining amendments to Acts for Papua LNG fiscal stability.
He said that assurance reviews for the Pikka Unit Development were already finished and that the project is ready for design and front-end engineering in early 2021.
“Despite the material challenges of 2020, PNG LNG continued to outperform in the fourth quarter, ending the year with its highest ever annual production of 8.8 MT,” he said. “The North West Moran oil field was also brought back online during the quarter following a shut-in due to the 2018 earthquake.”
Wulff said that the continuation of production was a collective effort by everyone and brought about by a gross contribution of around 2500 bopd.
“At our investor briefing in November, we shared our renewed purpose and ambition and laid out our new strategy to focus on delivering full value and enhancing our appeal to stakeholders through building resilience to lower and uncertain commodity prices,” he said.
“We expect that 2021 will continue to be another challenging year and the company is focused on maintaining the operational discipline that resulted in excellent results in 2020, despite the difficult conditions. Oil Search is increasingly well-positioned to manage through uncertainty and deliver our projects in 2021 and beyond.”