Oil Search's 1Q Revenue Up on Year

Papua New Guinea-focused Oil Search April 16 said its revenue during the three months to March 31 (1Q2019) grew year on year.

The company reported a revenue of US$398.1mn in 1Q2019 compared with US$295mn in the same quarter a year ago, an increase of 35%. Compared with 4Q2018, however, revenue was down 21%, mainly due to timing of LNG shipments and weaker realised oil and gas prices, it said.

Production during the quarter was 7.25mn barrels of oil equivalent, up 50% year-on-year but down 3% quarter-on-quarter.

Australia-listed Oil Search said following the completion of the Papua LNG gas agreement, focus is now on finalising the P’nyang gas agreement, with a targeted signing in 2Q2019. Substantial progress has also been made on other commercial agreements supporting the proposed three-train, 8mn mt/yr downstream development at the PNG LNG plant site, it added. P’nyang field will supply feed gas to a third train that ExxonMobil plans to add at PNG LNG project.