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Oil Search releases second quarter results

Oil Search delivered total production of 6.9 mmboe for the 2019 second quarter, taking total production for the first half of 2019 to 14.1 mmboe, compared to 10.2 mmboe in the earthquake-impacted first half of 2018.

Managing director Peter Botten made this remark while commenting on the company’s second quarter results.

Mr Botten said the PNG LNG Project produced at an average annualised rate of 8.4 MTPA during the second quarter and 8.6 MTPA for the first half of the year.

He said second quarter production rates were impacted by a 13-day period of rate reduction in late May/early June, while scheduled plant maintenance took place.

“No further major maintenance is planned for the plant, which has now been producing safely and reliably for five years, over the remainder of 2019. Of the 28 LNG cargoes that were delivered during the period, 26 were sold under long and mid-term contracts, with two sold on the spot market,” he said.

“Oil and liquids production of 1.2 mmbbl was impacted by compression system and other outages at both the Agogo and Central Processing Facilities, together with community-related issues involving reinstatement of production from the remote North West Moran field following last year’s earthquake.”

Mr Botten said total revenue for the quarter was US$378.9 million, taking total revenue for the first half of 2019 to US$777.0 million, 39 per cent higher than in the corresponding period of last year.

He said the average realised oil and condensate price in the quarter rose 10 per cent to US$68.67 per barrel, reflecting an increase in global oil prices, while the average realised LNG and gas price declined 8 per cent, to US$9.30/mmBtu, reflecting weaker oil prices in the first quarter of 2019.

Source: https://postcourier.com.pg/oil-search-releases-second-quarter-results/

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