PNG CRUDE PRODUCTION UP IN AUGUST

PORT MORESBY, Papua New Guinea (PNG Post-Courier, Sept. 12) - TheMoran oil field boosted Papua New Guinea’s crude oil production, reaching a high of 1.5 million barrels for the month of August.

Secretary for the Department of Petroleum and Energy Joseph Gabut reported in the monthly "Crude Oil Prices And Exports Report" for last month that between July and August of this year, there was a slight increase in crude oil production of 25,823 barrels at the country’s oil fields.

The total number of barrels produced last month reached 1,325,153 barrels.

With the average Kutubu price for the month around US$29.27 (K102.13), the gross value of PNG crude oil exports in August was US$39 million (K133 million).

The average exchange rate for Kutubu crude remained at US$29.13 last month. Kutubu crude started the month at US$29.03 (K101.29) per barrel and ended it at US$29.93 (K104.43), or an increase of 3.1 per cent. 

September 12, 2003

Papua New Guinea Post-Courier: www.postcourier.com.pg/

 

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