PNG

Oil Search PNG LNG redetermination

Oil Search has reached a commercial agreement with its joint venture (JV) partners in the PNG LNG project regarding the determination of participating interests.  The redetermination process was initiated in December 2020 and has now concluded, and no more adjustments will be made to the participating interests in the PNG LNG project – the region’s …
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Oil Search

Santos, Oil Search extend merger deadline

Santos and Oil Search have agreed to extend the due diligence period for their possible merger to September 13, 2021. Last month Santos and Oil Search agreed on a merger ratio, with the companies a step closer to having a diversified portfolio of high-quality, low-cost assets across Australia, Timor-Leste, Papua New Guinea and North America. …
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PNG LNG

P’nyang agreement back on the cards for Oil Search

Oil Search’s portfolio of high-quality assets in Papua New Guinea (PNG) continued to drive strong performance in the first half of 2021, with its operated assets, oil production increased slightly from the previous corresponding period. PNG LNG gross throughput delivered an annual average run rate of 8.24 million tonnes per annum (MTPA) during the first …
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Oil Search

PNG PM voices support for Santos, Oil Search merger

Papua New Guinea Prime Minister James Marape says the government is fully aware of the Santos and Oil Search proposed merger, stating he could see some positive development from the deal. “Oil Search is a prominent PNG company whose activities comprise a significant percentage of PNG’s GDP and provides the livelihood to thousands of Papua …
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Oil Search remains strong despite COVID-19 impacts

Oil Search acting chief executive officer Peter Fredricson said the company has delivered strong production in the last quarter, supported by the safe completion of the major planned maintenance campaign at PNG LNG by the operator, ExxonMobil. “Operated production from our Moran and Agogo fields continues to perform strongly, and operated gas production was able …
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PNG assets perform strong: Oil Search

Oil Search managing director Keiran Wulff has described that last quarter as stable, with both its growth developments achieving important milestones. Outlined in the company’s quarterly report, the Papua New Guinea (PNG) Government signed a the fiscal stability agreement and awarded a five year licence extension for Papua LNG. “The joint venture is now reviewing …
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PNG LNG

Stronger and safer than ever: Oil Search

Oil Search managing director Keiran Wulff believes the company has emerged from 2020 stronger and more resilient as a result of its response to COVID-19. Outlined in the company’s 2020 full year results, Oil Search delivered a full year production of 29 million barrels of oil equivalent and the strongest safety performance since assuming operatorship …
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Papua LNG project back on track

Papua LNG project partners Total (operator), ExxonMobil and Oil Search have signed an agreement with the Papua New Guinean Government that is expected to guarantee the fiscal stability of the proposed development. The agreement, the final step envisioned under the Papua LNG gas agreement, follows the amendments to acts passed by the PNG Parliament in …
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Oil Search output to dip with maintenance programs

Oil Search’s focus on performance, cost and capital allocation continued to deliver results in the December quarter last year, with record annual LNG production in Papua New Guinea (PNG). Outlined in the company’s fourth quarter results, the production rate for 2020 from the PNG LNG project was 8.8 million tonnes (mtpa), the highest ever annual …
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contract extensions

Kumul awards PNG contract to Chiyoda

Chiyoda Corp has secured a design, development and engineering contract with Kumul Petroleum (KPHL) for a floating, storage, re-gasification and power generation (FSRP) facility in Papua New Guinea. The project is considered an important step towards meeting the demand and supply requirement set out in the PNG 2030 Strategic Plan to connect 70 per cent …
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