Seismic for P'nyang on the cards

OIL Search’s full year figures had been hit by the shutdown of the Kumul terminal last year, while it says a seismic program at PRL 3 will help it decide the best development path for the P’nyang resource, which is tipped to contribute to a third train at PNG LNG.
Seismic for P'nyang on the cards Seismic for P'nyang on the cards Seismic for P'nyang on the cards Seismic for P'nyang on the cards Seismic for P'nyang on the cards

Releasing its quarterly guidance, it said while resource development studies were already underway, a seismic program planned for the first half of this year would help it better understand the P'nyang resource.

It previously told the market that development planning was underway and flagged contributing to a third train at PNG LNG as an option for the resource.

However, it has yet to fully confirm the plan.

Meanwhile, its production for the full year was hit to the tune of 4.6% year on year to 6.38 million barrels of oil equivalent.

It said a shut in of the Kumul marine terminal last year to investigate the source of a sheen near the terminal had an impact, with its total operating revenue also taking a hit, down from $US732.9 million ($A703.2 million) to $724.6 million over the same period.

Oil Search said the result still fell within previous guidance.

While Kumul hit its full year results, it chalked up quarterly growth in oil production of more than 30% quarter on quarter to 1.5MMbbl.

It also more than doubled total revenue quarter on quarter to $218.2 million.

Elsewhere, it told the market it had opened up a data room in its quest to divest 50% of Oil Search's interest in offshore PNG permit PPL 385 and a potential interest in PPL 276.

Bids are expected early this year.


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