PNG lifts Oil Search

Townsville Bulletin - - NEWS -

OIL Search has lifted its pro­duc­tion tar­gets af­ter achiev­ing record quar­terly out­put. The Pa­pua New Guinea-fo­cused oil and gas pro­ducer now ex­pects pro­duc­tion in cal­en­dar 2015 to be be­tween 27 mil­lion and 29 mil­lion bar­rels of oil or equiv­a­lent ( mm­boe), up from its pre­vi­ous forecast range of 26 to 28 mm­boe. The im­prove­ment comes af­ter a boost in ex­ports from its PNG liq­ue­fied nat­u­ral gas joint ven­ture. Pro­duc­tion in the three months to June 30 in­creased 7 per cent from the pre­ced­ing quar­ter to 7.41 mm­boe.

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