Oil Search: 101 PNG LNG cargoes shipped in 2015 - 500 Beiträge pro Seite

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ExxonMobil-operated US$19 billion PNG LNG project has exported 101 cargoes of liquefied natural gas during 2015.

The PNG LNG project produced at an annualised rate of approximately 7.6 mtpa during the fourth quarter, up from 7.4 mtpa in the third quarter and 10 percent higher than the nameplate capacity of 6.9 mtpa, Oil Search managing director Peter Botten said.

About 80 percent of the cargoes were sold under the long-term contract, Oil Search, that owns a 29 percent stake in the project said in a statement on Wednesday.

He added that despite the present oil weakness, the PNG LNG project co-venturers are looking to pursue the expansion options, through maximising production from the existing trains or adding a third train.

During the quarter, 26,554 billion Btu of LNG were sold, 2 percent lower than sales in the third quarter of 2015. 24 LNG cargoes were sold during the period, compared to 25 cargoes in the third quarter, Oil Search said.

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bepreist mit rund 6x Umsatz...

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PNG LNG puts four cargoes up for sale

The $19 billion ExxonMobil-operated PNG LNG project has reportedly launched a tender to sell four spot cargoes.

The tender, which closes on Wednesday, offers two November-loading cargoes, one in January and one in March, Reuters reported on Tuesday citing trading sources.

ExxonMobil owns 41.6% percent in the LNG project while Oil Search holds a 29 percent interest in PNG LNG, partly located in the Highlands region of Papua New Guinea.

The project includes a gas conditioning plant in Hides and liquefaction and storage facilities near Port Moresby with a capacity of 6.9 million tonnes per year.

The PNG LNG project produced at a record annualized rate of 8.65 mtpa, nearly 25 percent above the plant’s nameplate capacity, during the second quarter of this year, according to Oil Search.

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Oil Search: PNG LNG hits record quarterly production

ExxonMobil-operated PNG LNG project recorded an annualized production rate of 8.6 mtpa during the quarter ended September 30, the highest since coming onstream in 2014.

“The LNG project bumped Oil Search’s quarterly production to an all-time high quarterly production of 7.91 mmboe during the third quarter,” the company’s managing director Peter Botten said, adding that the total production for nine months of 2017 reached 22.72 mmboe.

“Since the PNG LNG Project compressor upgrades took place in May, production from the Project has increased substantially, with the plant averaging 8.6 MTPA during the third quarter,” he said, adding that the project now operates at approximately 25 percent above nameplate capacity.

The second phase of compressor upgrades are scheduled for the fourth quarter of 2017, which Oil Search expects to result in further production optimisation.

During the quarter, 32,851 billion Btu of LNG was sold, 9 percent higher than sales volumes in the second quarter of 2017.

The project dispatched 29 LNG cargoes during the period, compared to 27 cargoes in the previous quarter, of which 21 were sold under long-term contract and eight on the spot market, with three cargoes on the water at the end of the quarter.

The average price realized for LNG and gas sales decreased 6 percent to $7.48/mmBtu, reflecting the approximate three month lag between the spot oil price and LNG contract prices.

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Strong oil and gas prices boost Oil Search’s 2017 profit

Papua New Guinea-focused Oil Search saw its net profit after tax shoot up 236 percent in 2017, compared to the previous year, on the back of record production levels and stronger oil and gas prices.

Net profit after tax reached $302.1 million, the company reported in its full-year results.

Total production hovered at 30.3 mmboe in 2017 on a similar level to the previous year while the total sales dipped 2 percent from 30.6 mmboe in 2016 to 30 mmboe in the year under review.

However, the rise in global oil and gas prices, with the average realized oil and condensate price increasing by 24 percent to $55.68/bbl and the average realized LNG and gas price 21 percent higher, at $7.67/mmBtu more than offset the lower sales volumes. this drove the revenue up 17 percent to $1.45 billion.

Speaking of the year ahead, Oil Search managing director Peter Botten noted, “2018 is expected to be a pivotal year for Oil Search, with many activities reaching important milestones.”

The company plans to focus on the LNG expansion in Papua New Guinea and is aiming to commence discussions with prospective lenders on joint project financing and to make a decision on Front End Engineering and Design.

Production in 2018 is forecast to be in the range of 28.5 – 30.5 mmboe. Oilfield production is expected to decline, reflecting the maturity of the fields, combined with the impact of little well work having been conducted in 2016 and 2017, due to the low oil price environment.

This is expected to be largely offset by an increase in production from the PNG LNG Project, which, following the 2017 compressor upgrades, and despite approximately a two-week planned shutdown for the HGCP and Angore tie-in work in the second quarter, is forecast to produce between 8.2 and 8.5 MT (gross) in 2018.

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bin gespannt. wo sie dieses Jahr gelandet sind

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gut 10% besser als 2017