In a report on PNG LNG partner Oil Search, Macquarie Wealth Management said debottlenecking remained a priority at the Papua New Guinean LNG operation.
The broker said 10-15% of additional capacity could be unlocked.
"The recent production improvements have required little incremental capital expenditure and seemingly relate to higher utilisation of plant," the broker said.
"Annualised LNG production reached 7.1 mtpa in the December quarter (3% above nameplate capacity of 6.9 mtpa), and liquefaction losses were at merely 8%. Consequently these high utilisation rates could persist into 2015."