First-half improvements for Oil Search
PERTH (miningweekly.com) – ASX-listed Oil Search has reported a 38% increase in production during the first half of 2019, as operations in Papua New Guinea (PNG) recovered following an earthquake in 2018.
Total oil production in the six months to June reached 14.1-million barrels of oil equivalent, compared with the 10.2-million barrels delivered in the first half of 2018, with production in the quarter ended June reaching 6.9-million barrels of oil equivalent.
Oil Search on Tuesday told shareholders that the PNG liquefied natural gas (PNG LNG) project had delivered 6.2-million barrels of oil equivalent to the company’s production portfolio during the quarter, with the project producing at an annualised rate of 8.4-million tonnes a year during the quarter.
This was well above its nameplate capacity, and despite 13 days of reduced production rates due to scheduled maintenance activities.
Oil Search MD Peter Botten told shareholders that the PNG LNG project produced at a rate of 8.6-million tonnes a year for the first half of the year, with 28 LNG cargoes delivered during the period.
Total revenue for the quarter ended June reached $378.9-million, taking total revenues for the first half to $777-million, which was up 39% on the previous corresponding period, on the back of the increased production and a 10% rise in the realised oil and condensate price.
For the full year, Oil Search is expected to produce between 28-million and 31-million barrels of oil equivalent, with the firm expected to spend between $500-million and $610-million in capital expenditure in the full year.
This capital spend will exclude the $450-million exercise of the Armstrong option, which will see Oil Search double its interests in the Pikka Unit, Horseshoe Block and other exploration leases in Alaska.
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