LNG

Jan 23 (LNGJ) - Oil Search, the Australian-listed company with a stake in the Papua New Guinea LNG plant and its expansion project, said its full-year production was 30.31 million barrels of oil equivalent, its highest ever. PNG LNG production at an annualised rate was 8.3 million tonnes per annum, despite upgrading work carried out in October on the compressor at the plant, operated by ExxonMobil. Oil Search said its fourth-quarter revenue was US$389 million and the average realised gas and LNG price was US$7.86 per million British thermal units. Managing Director Peter Botten commented: “ExxonMobil, on behalf of the PNG LNG project participants, completed its evaluation of proposals received for the additional 1.3 MTPA of LNG being marketed. Oil Search expects the joint venture to sign binding contracts during the first half of 2018.”