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Production Increase in Oil, PNG

  1. 99 Posts.
    Looks like things are getting better in the Oil Industry in PNG.

    Slight PNG oil production increase reported

    THERE has been a slight increase in PNG crude oil production of 125,428 barrels between July and August of this year.
    This is despite the overall decline in production reflected by the continuous natural decline in the Kutubu and Gobe oilfields.
    Secretary for the Department of Petroleum and Energy Joseph Gabut said in his monthly “Crude oil prices and exports report” for August that the increase was a result of wells shut in at Moran and Agogo oil fields brought on line by project developer Chevron Texaco.
    He said Papua New Guinea’s crude oil production in August was approximately 1.4 million barrels — 38.8 per cent lower than the 1.88 million barrels of the corresponding month last year.
    “PNG’s crude exports for the month totalled 1,319,657 barrels. With the average Kutubu price for the month around $US26.83, the gross value of PNG crude oil exports in July was around $US35 million,” Mr Gabut said.
    “With the monthly average kina to US dollar exchange rate of $US0.2507 the equivalent value in kina is approximately K142.3 million.”
    Fears of possible United States military action against Iraq kept world oil prices at the highest level of the year, as buyers feared there might be a crude oil shortage as a result of the threat.
    “The prices were sluggish in the first week of the month and then rose steadily during the rest of the weeks,” Mr Gabut said.
    In the crude market, PNG’s crude started the last month at $US26.03 (K103.83) per barrel and ended it at $US27.43 (K109.41) — an increase of $US1.00 (K3.98).
    The average for August was $US26.83 (K107.02), which is 3.6 per cent higher compared with July’s average of $US25.77 (K102.79).
    The Pacific Rim “marker” crude Tapis started the month at $US26.17 per barrel and ended it at $US27.82 — an increase of 6.3 per cent from the beginning of the month.
    The Tapis average for last month was $US27.21 compared to July’s average of $US25.77.
    “Tapis prices were higher than Kutubu during August with an average differential of $US0.37 cents. The differential was as great as 81 cents at one time,” Mr Gabut said.
    The international “marker” crude Dated Brent started the month at $US25.01 per barrel and ended it at $US27.52, an increase of $US2.50 or 10 per cent.
    The Dated Brent average for the month was $US26.38, which is an increase of $US0.75 from July average of $US25.63.

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