2015 PNG Mining and Petroleum Conference
“Opportunities in Challenging Times”
Here are some key takeaway points from Matt Stone, the General Manager for Production at Oil Search, when he addressed the question on PNG’s Oil Production: Where do we go from here?
An experienced Chemical Engineer, Stone started with the fact that Oil Search is PNG’s largest investor and explorer of oil and gas production.
He stated that the “First LNG sales has herald a new growth phase for Oil Search, transforming the company into a significant LNG exporting company and quadrupling the company’s base.”
The presentation integrated the major growth opportunity for Oil Search:
- Gas aggregation
- Debotteling Recycling in PNG LNG
- PNG LNG Train 3
- Papua LNG project
In brief, Stone shared information on:
- Production, which has quadrupled in past two years
- 2016 focus initiatives with better performance
- Oil Search being highly profitable, optimising oil and gas assets into the future
- 2015 production expected to be at upper end of 27-29 mmboe (Million Barrels of Oil Equivalents)
- Material opportunities still exist to add value even in mature oil fields
- 2016 production same as 2015
- Continued reliable delivery of Kutubu, Gobe Main and SE Gobe Gas to PNG LNG Project
In conclusion, Stone summed up that “Oil Search is committed to driving value and managing risks. Its proven success in its establishment has given its highly profitable position on Oil and Gas Exploration in PNG.”
You can watch more from Matt Stone on Resource PNG, with the episode date TBA.
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