Mr Botten said total production for the first half of 2016 was 14.9million barrels of oil equivalent (mmboe) which for the firm was the second highest half year result in its corporate history. He said the PNG LNG project had produced an annualised rate of 7.7 metric tonnes per annum which he said was significantly above the name plate capacity of 6.9 MTPA while the PNG oil and gas fields had contributed 3.52mmboe, compared to 3.38mmboe in the previous corresponding period.
“This was achieved despite a planned production rate reduction for routine compressor maintenance and an unplanned shutdown relating to the generation control system in May, the first the project had been completely shut down since production started in mid-2014. “Pleasingly the operator had brought the plant back online quickly and safely with production reaching a new monthly high of 8.2MTPA in June,” he said. He said sales volumes rose five percent to 15.2mmboe, which was also a record for the company.
He said during the first half of 2016 that 53 LNG cargoes were sold-45 had been under long term contracts and eight on the spot market. Six of the eight that had been sold on the spot market were vended to customers in Japan, reflecting the desirability of PNG LNG’s high heating value gas to Japanese consumers. “As at the end of June 205 LNG cargoes had been delivered from the project since commencing sales.