August 28, 2019 / 2:53 AM / 19 days ago

UPDATE 1-Oil Search says loading liquids at Gulf of Papua at reduced rate

(Adds details, 2019 production guidance)

Aug 28 (Reuters) - Australia-listed Oil Search said on Wednesday it is loading liquids at its facilities in the Gulf of Papua at a reduced rate after temporarily suspending loading last week due to damage to a mooring system.

Papua New Guinea’s biggest company said it is working with the PNG LNG operator to ramp up production to normal rates as soon as practical, while the mooring system is being investigated.

To extend liquids storage in the liquids export system, Oil Search said it curtailed production from Oil Search-operated oil fields, while Exxon Mobil Corp, operator of the PNG LNG project, partially reduced PNG LNG production.

“It is presently unclear whether it will be necessary to adjust our 2019 production guidance, as a result of these loading issues,” it said in a statement.

Bad weather in the Gulf of Papua has prevented Oil Search from fully assessing the mooring system damage, but loading at a reduced rate resumed on Aug. 25 after it developed a temporary solution for safe berthing and loading of vessels, it said.

Oil Search’s 2019 production forecast currently stands at 28 to 31 million barrels of oil equivalent. (Reporting by Aditya Soni in Bengaluru; editing by Richard Pullin)

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