Nearly K5bn revenue for Oil Search

Oil Search Limited has recorded US$1.54 billion, or K4.9 billion, in revenue for 2018.

This is despite the February earthquake which suspended operations for two months.

The company revealed this in its 4th Quarter Report for 2018.

In the report for 2018, Oil Search recorded a total revenue for the 2018 fourth quarter at US$503.1 million (K1.6 billion), 6 percent higher than the previous quarter.

This reflected a 5 percent increase in hydrocarbon sales and stronger realised LNG and gas prices (up 5 percent), partly offset by lower realised oil and condensate prices (down 15 percent).

Total production was 7.4 million barrels of oil equivalent (mmboe), reflecting higher oil field production and a continued strong performance by the PNG LNG Project.

This took 2018 full year production to 25.2 mmboe, in line with the Company’s 2018 guidance range.

While the first half was impacted materially by the February 2018 PNG Highlands earthquake, production recovered strongly in the second half, with the PNG LNG Project producing at an annualised rate of 8.8 MTPA; its highest-ever half-year rate.


Cedric Patjole