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PNG LNG has ‘transformational’ impact on Oil Search results

LNG Industry,

In reporting its results for the fourth quarter and full year 2014, Oil Search announced that it had achieved a record annual production, reflecting the ‘transformational’ impact of the Papua New Guinea LNG (PNG LNG) project on the company’s production profile.

Production in 4Q14 was 7.24 million boe, 8% higher than in 3Q14 and more than four times production achieved in the corresponding period of 2013. This brought 2014 full year production to 19.27 million boe.

Commenting on key activities in the fourth quarter, Peter Botten, Managing Director, said: “Oil Search remains fully focused on the next phase of LNG development in PNG, underpinned by gas from the North-West Highlands and Gulf hubs, as these LNG trains offer attractive economic returns, even if a weak oil and LNG pricing environment persists.

“The company remains resilient and well positioned to weather the lower oil price environment, with the majority of our production portfolio profitable at current oil prices. Oil Search is also in the fortunate position of having completed almost all construction expenditure on the PNG LNG Project and is now enjoying a material and long-term production uplift from the project.”

The full year results can be accessed on the Oil Search website.

Adapted from press release by Katie Woodward

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