Oil Search breaks production records
PERTH (miningweekly.com) – Australian producer Oil Search has reported its highest quarterly production in the company’s history, with some 7.41-million barrels of oil equivalent produced in the three months to June.
The June quarter production was also 7% higher than that produced in the March quarter.
“This excellent result reflected further production increases from the Papua New Guinea (PNG) liquefied natural gas (LNG) project, combined with a solid performance from our operated oilfields,” said Oil Search MD Peter Botten.
He noted that, based on the PNG LNG plant’s performance to date, the project could continue to produce LNG above its nameplate capacity of 6.9-million tonnes a year in 2015.
Output for the first half of 2015 had, meanwhile, reached 14.3-million barrels of oil equivalent, nearly three times higher than the same period in 2014. Based on the strong production in the year so far, Oil Search was now expecting full-year production of 27-million to 29-million barrels of oil equivalent, up from the previous guidance of 26-million to 28-million barrels.
Meanwhile, operating revenue for the quarter decreased from the $472.3-million reported in the first quarter, to $391.5-million in the June quarter. The ASX-listed company pointed out that, while the average realised oil and condensate price increased by 20% in the quarter under review, the average realised price for LNG and gas fell by 35%, largely reflecting the two- to three-month lag between the oil price and LNG contract prices.
For the six months ended June, total operating revenue reached $863.8-million, some 69% higher than in the previous corresponding period.
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