Santos and Oil Search increase production following PNG LNG start-up, Crater Gold raising funds for mine development, and regional tuna stock report due out August. Your weekly digest of the latest business news.

Santos has announced a higher second quarter production and a significant jump in sales revenue, following the successful start-up of the PNG LNG project. Production rose five percent to 12.8 million barrels of oil equivalent (mmboe) and sales revenue went up 22 per cent to US$974 million, says MD David Knox, who added seven LNG cargoes had left by the end of the quarter.

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Crater Mountain site. Credit: Crater Gold

And Oil Search has recorded oil and gas production of 3.69 mmboe in the second quarter of 2014 on the back of the start-up of the PNG LNG project. Production from PNG LNG was 1.87 mmboe, while the company’s PNG business contributed 1.82 mmboe, an eight per cent rise on the first quarter.

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Crater Gold will raise $A3.45 million (K 7.88m) through a rights share issue to develop its high-grade zone project at Crater Mountain, with the aim of starting production to start by the fourth quarter of 2014.

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The start of supplies from PNG’s LNG project ‘has contributed in part’ to pushing down spot LNG prices, according to Stephanie Wilson, managing editor of Asia LNG at Platts, an energy, petrochemicals and metals information provider. Prices are down 26.5% from last year at US $11.365 per million British thermal units (/MMBtu).

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Fisheries scientists will release results of a three-year Pacific tuna stock assessment next month, which is expected to confirm what scientists have been saying in recent years: All varieties of tuna are on the brink of being over-fished and measures adopted over the past six years to reduce catch levels have not worked.

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St Barbara is cutting its workforce at the suspended Gold Ridge operations in the Solomon Islands, following severe flooding in April. The company is awaiting approval to lower water levels, adding hundreds of illegal miners are camped in open pits.

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Nationwide Microbank and Asian Development Bank have agreed to assist women in two fishing villages in National Capital District to develop entrepreneurial skills and sell their produce. The partnership is in support of the Pacific Private Sector Development Initiative pilot project, which aims to empower women in fishing production.

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Stanley Resources Holdings, the company which manages the Stanley Gas condensate project in Western Province, is ‘gearing up’ for spin off activities, according to Chairman Rex Aipe. The recently-launched company has available machinery and equipment, and has already secured construction partners.

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Pacific tuna. Credit: SPC

The American Tunaboat Association is disappointed that the United States and nations in the Pacific could not reach a deal on the future of tuna fishing in the region. An agreement was not extended beyond this year following negotiations in Auckland this month.

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Explorer WCB Resources is close to deciding on a preferred contractor for the proposed drilling program at its Misima porphyry prospect on Misima Island, Milne Bay Province. Once the contractor has been confirmed, WCB expects the drill rig to arrive on Misima Island in about three weeks.

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InterOil Corporation plans to buy up to US$50 million of its own Class A common shares within the next 12 months, the company has announced. InterOil, which last month sold its downstream business in PNG, has authorised the buy-back to take place in the open market, based on stock price and other market factors.

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The ABC’s Sean Dorney

Radio Australia’s and ABC TV’s coverage of, and to, the Pacific is being gutted with the latest round of programming and staff sackings, including that of the doyen of PNG and Pacific reporting, Sean Dorney.

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Nauru, the world’s smallest republic, has been the most successful sporting nation in the Commonwealth Games since it first competed at the Auckland Games in 1990 … at least on a population-adjusted basis. The country has won 28 medals since 1990, including 10 golds, all in weightlifting.