Oil Search records K1bn in revenue

OIL Search Limited has recorded more than K1billion in revenue for its second quarter operations, according to an announcement on the Australian Stock Exchange yesterday.
The total revenue for the period from April to June this year was $332.5 (K1.05 billion), bringing the total revenue for the half-year to $672.2 million (K2.138 billion).
Managing director Peter Botten, pictured, said the company also noted positive production results despite planned facility maintenance that required a 17-day shutdown in the Papua New Guinea LNG project.
Total production for the second quarter was at 7.24 mmboe (million barrels of oil equivalents) – an increase from the 2016 comparative period but it was a 4 per cent drop from the 2017 first quarter production results.
“The 2017 second quarter production of 7.24 mmboe was a solid result for the company, given that scheduled maintenance at the company’s operated central processing facility (CFRP) and Agogo production facility (APF) and at the PNG LNG Project plant site took place in May,” Botten said.
“A number of activities which will help ensure ongoing safe and reliable operations at the central processing facility and Agogo production facility were completed successfully during the 17-day shutdown.
“The PNG LNG plant maintenance was also completed smoothly and efficiently, with annualised production for the quarter averaging 8.1mtpa (metric tonnes per annum).
“Production rates picked up substantially towards the end of the period following the compressor upgrades completed during the maintenance programme, with the plant averaging 8.65mtpa in June, the highest monthly rate recorded by the project.”