Oil Search’s production up 5pc from last quarter

OIL Search has recorded another strong quarter of production – up 5 per cent on the previous quarter, says acting chief executive officer Peter Fredricson.
He said in the company’s third quarter report for period ended Sept 30, that it demonstrated the resilience of the company’s operations and sustained commitment to the safety of the people and maintaining safe and reliable production. Fredricson said operating revenues were up by 12 per cent, supported by strong growth in oil prices.
“Earlier in the quarter, the PNG LNG project participants approved the full funding of the Angore project which, along with the associated gas fields, forms an important part of the gas sequence and underpins maintaining plant capacity beyond 2030,” Fredricson said.
“We have made good progress across our growth projects with the ramping up of activity in the Papua LNG project, as it prepares to enter pre-Feed (front end-engineering and design) before the end of 2021 ahead of a joint venture decision to enter Feed in 2022.
“We are also pleased to be another step closer to the development of the P’nyang gas resource with the recent signing of a HOA (heads of agreement) between ExxonMobil and the PNG Government outlining the framework for negotiating a fully-termed Gas Agreement before the end of 2021.
“The P’nyang project represents a valuable back-fill opportunity within the PNG LNG gas sequence and another opportunity for Oil Search to be involved in a key project that will support the PNG economy and its people.”