“As previously communicated, Oil Search and its co-venture partner are focused on ensuring the appropriate pre-conditions, including funding, are met prior to taking FID targeted in the first half of 2022, with resulting first oil planned for 2025. “The P’nyang project represents a valuable back-fill opportunity within the PNG LNG gas sequence and another opportunity for Oil Search to be involved in a key project that will support the PNG economy and its people.”įredricson noted that in Alaska, the Pikka Phase 1 project had progressed technical work towards final investment decision (FID). “We are also pleased to be another step closer to the development of the P’nyang gas resource with the recent singing of the heads of agreement between ExxonMobil and the PNG government outlining the framework for negotiating a fully termed gas agreement before the end of 2021. “We have made good progress across our growth projects with the ramping up of activity in the Papua LNG project, as it prepares to enter pre-front-end engineering design (FEED) before the end of 2021 ahead of a joint venture decision to enter FEED in 2022.
Oil search pikka full#
Looking at the quarter under review for Oil Search, Fredricson noted that earlier in the year, the Papua New Guinea (PNG) LNG project participants approved the full funding of the Angore project which, along with the associated gas fields, forms an important part of the gas sequence and underpins maintaining plant capacity beyond 2030. “Both LNG and oil markets remain strong, with spot LNG markets continuing to exhibit high volatility and record highs which is a supportive environment for market soundings in respect of new medium- and longer-term LNG sales contracts,” said Fredricson.
“Our outlook for the 2021 full year remains positive as we tighten our production guidance and maintain our operating cost guidance despite the additional costs associated with the management of the impact of Covid-19. With the strong quarter, the ASX-listed company has narrowed its full year production guidance from the previous estimate of between 25.5-million and 28.5-million barrels of oil, to between 26-million and 28-million barrels of oil equivalent.
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