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Oil Search primed for LNG sales growth

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LNG Industry,

According to multiple sources, Oil Search and its partners in the Papua New Guinea LNG venture have begun looking for more long-term customers after a recent upgrade to gas reserves, while continuing to work towards an expansion.

Revealed in Oil Search's March quarterly report on 19 March, PNG LNG venture operator ExxonMobil has started marketing up to 1.3 million tpy of additional LNG from the plant, which has been producing well above its rated capacity.

Oil Search had previously announced the possibility of adding to contracted sales for PNG LNG after a 50% increase in proven reserves.

The PNG LNG venture has outperformed since it started production in 2014 and the plant near Port Moresby produced at a rate of about 8.3 million tpy in the March quarter, 20% above the actual capacity.

Binding deals should be secured by the end of the year between the PNG LNG venture and the partners in the Elk-Antelope gas resource on co-operation for the next phase of LNG development in the country.

The company has confirmed development of the Elk-Antelope fields should occur in conjunction with the P'nyang gas field and utilise the existing PNG downstream infrastructure. Binding commercial agreements on a preferred development concept are expected by the end of the year.

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