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Oil Serach expects growth in oil production

Admin | 6:20 PM | |
 OIL Search says there will be strong growth in oil production next year.
Julian Fowles, the executive general manager of the Oil Search PNG Business Unit, said the company had seen an increase in production in the first half of this year in its oil field operations.
It is expected to continue into 2016.

“2015 has seen the highest half-year production for the company,” Fowles said.
“Total production for the first half was 14.3 million barrels of oil equivalent, nearly triple the same period in 2014.

“PNG LNG contributed 10.9 million barrels.
“The oil fields contributed 3.38 million barrels against a strong performance including contributions in South East Gobe and third party gas in the LNG project.
“We’ve got a strong balance sheet and liquidity position. 2015 has also seen strong continued performance from our oil and gas fields.”