Oil Search revenue up 14% on high oil price

 SYDNEY: Oil Search Ltd says its oil and gas production came in above guidance in 2010 at 7.66 million barrels of oil equivalent (mmboe), following a better than expected performance from fields in Papua New Guinea.

Oil Search said in a statement yesterday that full year revenue was US$583.5 million (A$585.14 million), rising 14% on 2009, due to a higher oil price, partly offset by lower oil sales.

Oil Search said total oil and gas production in the fourth quarter of last year was 1.86mmboe, up 1% on the third quarter production of 1.85mmboe.

Total fourth quarter oil production was 1.59 million barrels (mmbbls) while Oil Search sold 1.63mmbbls of oil during the quarter at an average price of US$88.95.

The realised price was 12.5% higher than the third quarter of last year and 15% above the average price taken in the nine months to September.

The average realised oil price for the full year was US$80.19 per barrel, up 23% on the average price in 2009.

Total operating revenue in the fourth quarter was US$164.7 million, up 16% on the third quarter revenue of US$142.2 million. –  AAP