Oil Search set to double production in next six years
OIL Search Ltd is positioned to double production in the next six years, chief operating officer John Kurz says.
Kurz attributed this to the company being the country’s largest single investor and the most active explorer which had also seen it expanding to purchasing asset in Pikku, Alaska.
“We have a bright future,” he said.
While providing the company’s update during the PNG Mining and Petroleum Conference in Port Moresby yesterday, Kurz said: “On the hills of the PNG LNG project, we have become a strong player in the oil and gas area.
“We operate all the oil fields and the liquid exports down in the Kumul Marine Terminal, we have material interest in the PNG LNG and Papua LNG expansion projects along with our joint-venture partners.
“We also have a brand new business opportunity in Alaska, from a purchase that we made in February, 2018.”
Kurz said the Alaska operation was on schedule for early oil production in 2022 and the main production by 2024.
He said the operation was cost effective, engaging and they had a strong business team on the ground (in Alaska).
Meanwhile, Kurz said the liquids mooring system in Gulf of Papua that had appeared to be listing in August, had been completely and safely repaired and was well ahead of schedule.
He further said that by mid next year, there would be:
complete post-earthquake restoration activity;
increase oil production from mature oil fields and maximise recovery;
ready to enter front end engineering design (FEED) phase on LNG expansion once gas agreement for P’nyang is finalised;
associated gas project targeting final investment decision in 2021 and first gas deliveries in 2024;
and,targeting FEED entry for Pikka unit development by end of this year with resource additions expected.
Kurz concluded that their continued focus would be on safe, stable and reliable operations as well as continued commitment in socio-economic development.