Managing Director Peter Botten

In a statement announcing the full year results for 2017, the company says the profit is buoyed by strong oil and gas prices and strong production levels.

Managing Director Peter Botten said: “Sales revenue benefited from the rise in global oil and gas prices, with the average realised oil and condensate price increasing by 24 percent to US$55.68/barrels of oil (bbl) and the average realised LNG and gas price 21 percent higher, at US$7.67/one million British Thermal Units (mmBtu).

The result follows record production for the company and improving global oil prices.

The company recorded a full year production of 30.31 million barrels of oil equivalent (mmboe) for 2017 after a fourth quarter total production of 7.59 mmboe.

Additionally, a 5 percent increase in global prices saw the company surpass estimates.

Oil Search managing director, Peter Botten, said the company finished 2017 strongly, with full year production at the upper end of their guidance range and an all-time record for the company.

Botten was speaking at a function at Sydney’s iconic Opera House to welcome the Orchids to Australia for the 2017 Women’s Rugby League World Cup. Oil Search is the naming rights sponsor for the PNG Orchids.

Acting Australian Prime Minister and Foreign Minister Julie Bishop also attended the occasion on Tuesday, encouraging the team to give it their best.

Botten, when commenting on the 2015 full year results said unlike some of their global energy peers, the company is committed, and has the financial capacity, to continue investing in its growth projects, despite the challenges of a low oil price environment.

“We regard the coming year as an ideal time to optimise our asset portfolio and we have the ability to take advantage of acquisition opportunities, should strategically sensible and well-priced assets arise.