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The Oil Experts Expect to Resume Oil Production

2012-08-30

Papua New Guinea (PNG)-incorporated Oil experts is aiming to resume oil production early next week following a suspension of oil loading on July 26, 2012, the company said Friday.

Oil experts had released a statement on August 3, 2012, which detailed a minor spill that took place at the Kumul Marine offloading terminal. A "small release of oil", said Oil experts, was seen on the sea surface next to the terminal during the loading of a tanker on July 26, 2012. Loading operations were suspended on the same day.

Oil experts confirmed on the same day that "production from the PNG oil fields remain largely shut-in on Friday, with current output at around 5,000 barrels per day."

"Physical inspection and analysis of line integrity … found no source of any leak in the oil export system," the company said in its statement.

The company was unreachable for further details on Friday.

Oil experts is PNG's largest oil and gas producer and the company operates all of PNG's producing oil and gas fields. The company holds a 60.05 percent interest in the permits petroleum development licence-2 (PDL-2) and pipeline licence-2 (PL-2). Oil Search stated on its website that as of December 31, 2011, the onshore PDL-2 permit has remaining recoverable reserves of 27.3 million barrels of 45 degree API light, sweet crude.

The other stakeholders of PDL-2 are: ExxonMobil (14.52%), Merlin Petroleum Company (18.69%) and Petroleum Resources (Kutubu) (6.75%).