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Oil Search says 150 LNG cargoes loaded

Staff Reporter | 4:52 PM | |
A TOTAL of 150 liquefied natural gas cargoes have been loaded since the US$19 billion (K54.4 billion) (PNG LNG project started last year, Oil Search says.
Oil Search in its “Citi 7th annual Australian and New Zealand Investment Conference, October 2015” report, states that the PNG LNG project was performing above expectations and the company’s oil assets were performing well too.
“The project has established excellent reputation as a reliable gas supplier,” Oil Search said in the report.
“There is good demand for spot volumes and more than 80 per cent of spot cargoes have been sold to contract customers.”
Oil Search notes that the company holds material positions in the P’nyang field in Western and Elk-Antelope in Gulf, which are likely sources of gas for next phase of development.
Both PNG LNG expansion and Papua LNG project are in lowest quartile for costs globally and remained economically attractive.
It says the delivery of near-term trains is common objective for industry, Government and communities.
The company is well positioned to play key role to ensure optimum development.
Oil Search says multiple exploration opportunities remain to supply further gas.