Australia’s Oil Search Ltd. said on Aug. 1 it has resumed operations at the Agogo production facility which was knocked out by a major earthquake in Papua New Guinea in February.
Production has begun at an initial rate of about 2,000 barrels of oil per day (gross), Oil Search said.
The restart of operations at Agogo has brought all Oil Search-operated facilities back online, the company added.
Oil Search said the impact of the facility’s closure is included in its 2018 production guidance, which it maintained at towards the upper end of 23–26 million barrels of oil equivalent.
Lower output at a key LNG project in Papua New Guinea, the PNG LNG project, led to an 18% fall in Oil Search’s first-half revenue after it was also damaged in the quake.
ExxonMobil Corp. (NYSE: XOM) holds a 33.2% stake in PNG LNG, while Oil Search has a 29% interest. Two PNG government-linked entities and Australia’s Santos Ltd. hold smaller stakes.
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