Papua New Guinea-focused Oil Search reported a 12.6 percent rise in its fourth-quarter revenue, boosted by strong PNG LNG production and higher oil and gas prices.
Revenue for the fourth-quarter rose to $389 million from $345.6 million in the year-ago quarter. As compared to the quarter before, revenue rose 2 percent.
Commenting on the fourth quarter results, Oil Search managing director, Peter Botten , said that the fourth quarter production reached 7.59 mmboe taking the full year production to 30.31 mmboe, hitting the higher end of the company’s guidance range and a company record.
The realized oil and condensate price in the fourth quarter was $63.05 per barrel, up 20 percent on the third quarter, reflecting the strength in global oil prices, and contributing to the fourth quarter revenue.
He added that the company aims to further optimize production rates with the modifications to the Hides gas conditioning plant. The contribution to the production figures is expected in the second half of the year.
Oil Search full-year production for the year 2018 is expected to be in the range of 28.5-30.5 mmboe with lower operated production expected to be offset by higher production from the PNG LNG project.