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Papua New Guinea

Oil & Gas

Oil Search abandons Taza appraisal well in KRG

Oil Search has completed a drilling update on two of its wells in Papua New Guinea and the Kurdistan Region of Iraq (KRG). The company said the Taza 3 ST1 oil appraisal well in KRG has been plugged and abandoned with the rig being demobilised. The forward plan is to evaluate the results of the drilling, together with the recently proposed seismic, prior to making further drilling decisions.

Markets

Oil Search boosts production target on record output

Oil Search has increased its production targets after achieving a record quarterly output in the second quarter of the year. The company said it now expects its production to be between 27 and 29mmboe (million barrels of oil equivalent). A previous estimate by the Papua New Guinea focused oil and gas producer had been between 26 and 28mmboe.

Oil & Gas

ExxonMobil signs MOU to supply gas in Papua New Guinea

ExxonMobil has signed a Memorandum of Understanding (MOU) to supply natural gas to power plants in Papua New Guinea. The company said it would begin preparations this year to drill an appraisal well at the P’nyang field, which is co-owned by Oil Search. ExxonMobil said the reserves could “enable expansion of the PNG LNG project which could include the development of a possible additional train”.