Bloomberg News

Oil Search May Begin Papua New Guinea Crude Exports Next Week

August 17, 2012

Oil Search Ltd. (OSH) may start exporting crude as early as next week from Papua New Guinea after failing to find leaks in its offshore loading terminal.

Testing at the Kumul Marine Terminal has “found no source of any leak in the oil export system” and inspections will continue over the next few days, according to a release today. Oil Search shut the terminal when droplets, totaling an estimated 1 barrel of crude, were seen on the sea surface, according to a July 26 release.

“Should this work confirm present conclusions, Oil Search expects to return to normal operations early next week,” the company said.

Oil Search’s Papua New Guinea operation was producing about 30,000 barrels a day and typically exporting two cargoes per month before the incident, Ann Diamant, investor relations manager, said in a phone interview Aug. 14.

Two crude tankers are anchored near the terminal, according to data from IHS Inc. (IHS:US) on Bloomberg. The Singapore Voyager has been in the area since Aug. 1, and the Vallombrosa since July 12, the data shows.

To contact the reporter on this story: Ramsey Al-Rikabi in Singapore at ralrikabi@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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