Firm shows recovery, records 24pc revenue increase

OIL Search recorded a 24 per cent increase in revenue during the fourth quarter of 2019, a report says.
The fourth quarter revenue was US$446.7 million (K1.485 billion) – 24 per cent higher than the third quarter, reflecting the recovery in production, timing of shipments and higher realised oil and condensate prices.
The total production net to Oil Search for the quarter was seven million barrels of oil equivalent (mmboe), 3 per cent higher than in the previous quarter.
The PNG LNG project contributed 6.3 mmboe net to Oil Search for the quarter, based on an annualised gross production rate of 8.5 million tonnes per annum (MTPA).
The stronger final quarter took 2019 full year production to 27.9 mmboe, in line with the company’s 2019 revised guidance.
The PNG LNG achieved a record gross production of 8.5 MT, 2 per cent higher than the previous record reached in 2017. This was despite volumes being impacted by scheduled plant maintenance in the second quarter of 2019, and a short curtailment of production in the third quarter, while repairs were made to the Kumul Marine Terminal offshore liquids loading facility.
Total revenue in 2019 was 3 per cent higher than in 2018, with an 11 per cent increase in sales partially offset by lower average realised hydrocarbon prices.
Managing director Peter Botten said total oil and gas production for the fourth quarter was 7.0 mmboe, 3 per cent higher than the previous quarter, which was affected by the curtailment of production following damage to one of the mooring chains at the offshore liquids loading facility in the Gulf of Papua.
“Volumes from the Kutubu and Moran fields were gradually restored over the quarter, following completion of repairs to the loading facility in October.”