Oil Search: Shipment a momentous occasion

 AUSTRALIAN company Oil Search said the start of liquefied natural gas shipments from the PNG LNG Project was a momentous occasion for the firm, its co-venture partners and Papua New Guinea.

The project will quadruple Oil Search’s production base and contribute more than US$1.3 billion (K3.6 billion) annually to the company’s operating cash flows. 

Managing director Peter Botten on Monday said shipment marked the delivery of the country’s largest resource project which was expected to more than double PNG’s gross domestic product. The first LNG cargo left PNG shores after it was to Tokyo Electric Power Company Inc. (TEPCO), Japan.