THE Kutubu oil field in Southern Highlands pro-vince performed strongly against the other operating oil fields of Oil Search Ltd.
This was disclosed in the company’s second quarter report ended June 30 this year.
“Second quarter gross production from the PNG oil fields averaged 35,340barrels of oil per day (BOPD).
“The Kutubu field performed strongly, with the newly-completed Usano wells exceeding expectations,” the company had said.
This field is within the company’s Petroleum Development Licence 2 (PDL2).
Right now, Oil Search is finalising the terms of sale of the field to Abu Dhabi’s International Petroleum Investment Corp (IPIC).
This is 3.5% from the total 34% stake in the PNG liquefied natural gas (LNG) project so following the completion of the sale by early next year Oil Search would end up with 30.5% equity in the project.
Oil Search managing director Peter Botten had said completion of a number of new development wells drilled in Kutubu and Moran, both in Southern Highlands, in the first half was expected to lead to a stronger oil production performance in the second half of the year.
“Production guidance for the 2009 full year remains unchanged, at between eight million barrels of oil equivalent and 8.3mmboe,” he said.