The National – Thursday, June 23, 2011
CRUDE and condensate exports from Papua New Guinea, Australia and Timor-Leste are expected to remain stable or rise slightly in August from the previous month, traders said on Tuesday.
Reuters news yesterday reported that supply remained below the usual 22 to 28 lots the region exports each month as a restart of Cossack production has been delayed while Van Gogh supply was limited.
A total of 17-18 cargoes will be available for the August loading, up from 17 next month, a Reuters survey showed.
The installation of a new floating production, storage and offloading facility unit for Cossack oil at the North West Shelf field was delayed due to bad weather and a mechanical fault at a contractor’s installation support vessel, operator Woodside said in a statement last Friday.
The A$1.8 billion project was now scheduled for startup in October, the company said.
Start-up was earlier planned for the second quarter.
Heavy sweet crude is likely to stay supported as Van Gogh’s production volume stayed low end due to maintenance.
Apache Corp halted production at the Van Gogh oil field, off Western Australia, on June 11 for a planned maintenance.