Santos says liquefied natural gas production in Papua New Guinea will return to full capacity next month following an earthquake-enforced shutdown.
Santos, which owns 13.5 per cent of the Exxon-led PNG project, says the second train at the plant near Port Moresby is now operational and exports have resumed.
The LNG Hides plant and Kutubu gas facilities were shut following February’s magnitude-7.5 earthquake in PNG’s southern highlands, and the first train reopened on April 13.
‘The safe restart and ramp-up of both LNG trains ahead of ExxonMobil’s previously estimated eight-week time frame is a major achievement by the operator,’ Santos managing director and chief executive Kevin Gallagher said.
Santos shares were down 16 cents, or 2.6 per cent, at $6.08 at 1120 AEST amid a broad decline in the energy sector.
Shares in ASX-listed Oil Search, which owns 29 per cent of the venture, were 14 cents, or 1.8 per cent, lower at $7.82.