Oil and Gas Industry to Face Tough Times Ahead

by Meriba Tulo – EM TV, Port Moresby

The next two years will be tough for the oil and gas industry in Papua New Guinea, if world oil prices continue to remain at current levels according to Peter Botten, Managing Director of Oil Search.

When addressing members of the business community in Port Moresby today on current and projected oil and gas pricing, he was of the view that with current prices hovering around the US$55 dollars per barrel mark, this may have little impact on current production, and exploration – provided they don’t remain at these levels for too long.

As the largest investor in the oil and gas sector industry, Botten says Oil Search is looking to ensure it receives maximum returns from its current production operations.

He adds that whilst world oil prices continue to hover around the US$55 to US$65 per barrel mark, there is a view that the long-term future price of oil would be at around the US$80 per barrel mark.

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