Oil Search 2018 revenue up despite February earthquake

The Papua New Guinea-focused oil and gas producer and PNG LNG stakeholder, Oil Search reported a jump revenue in 2018 despite the adverse effects from the earthquake that shook PNG Highlands in February. 

In its report, Oil Search said its sales revenue for the year 2018 reached $1.54 billion, 6 percent above the $1.45 billion recorded in 2017.

“Despite the first half of 2018 being one of the most challenging in Oil Search’s history due to the devastating PNG Highlands earthquake in February, the company has recovered well,” Oil Search managing director Peter Botten said.

He added that the company’s total production reached 25.2 mmboe, in line with the company’s 2018 guidance, but 17 percent below the 30.3 mmboe recorded in the financial year 2017.

Total oil and gas production for the fourth quarter was 7.4 mmboe, which was similar to levels achieved prior to the earthquake.

The PNG LNG project produced at an average annualized rate of 8.8 mtpa during the second half of 2018, the highest half-yearly rate ever achieved.

Fourth quarter production averaged 8.7 mtpa, marginally lower than the record levels achieved in the third quarter, due to two minor unplanned outages at the LNG plant,