Oil Search: 101 PNG LNG cargoes shipped in 2015

ExxonMobil-operated US$19 billion PNG LNG project has exported 101 cargoes of liquefied natural gas during 2015.

The PNG LNG project produced at an annualised rate of approximately 7.6 mtpa during the fourth quarter, up from 7.4 mtpa in the third quarter and 10 percent higher than the nameplate capacity of 6.9 mtpa, Oil Search managing director Peter Botten said.

About 80 percent of the cargoes were sold under the long-term contract, Oil Search, that owns a 29 percent stake in the project said in a statement on Wednesday.

He added that despite the present oil weakness, the PNG LNG project co-venturers are looking to pursue the expansion options, through maximising production from the existing trains or adding a third train.

During the quarter, 26,554 billion Btu of LNG were sold, 2 percent lower than sales in the third quarter of 2015. 24 LNG cargoes were sold during the period, compared to 25 cargoes in the third quarter, Oil Search said.

LNG World News Staff