Oil Search lifts production guidance

Production from joint ExxonMobil PNG LNG project starts ahead of schedule.

Oil Search (OSH) has increased its production forecast to 14.5 million to 17.5 million barrels of oil equivalent (mmboe), from 13 to 16 mmboe, after the Papua New Guinea LNG project operated by its partner ExxonMobil commenced production ahead of schedule.

Project operator Exxon Mobil announced that first cargo from the $US19 billion project is to be shipped before the expected start in the middle of the year.

The project is the largest in PNG and will represent significant extra revenue to the country along with partners Santos and Oil Search.