Over K260m profit for first half of 2018: OSL

Oil Search Limited has released its half year results for 2018.

Oil Search Limited reported a net profit after tax for the first half of the year, at US$79 million; that over K260 million.

Managing Director Peter Botten said the half year results was credible achievement considering the challenges of the February earthquake in the vicinity of the company operations in the Highlands region.

“The first results were the most challenging in Oil Search operation history because of the earthquake. Given that US$79.2 million profit was made in the first half represents credible achievement.”

Botten said the company made a 39 percent loss compared to the first half of 2017; production was impacted by the shutdown of operated oil fields in the PNG LNG.

“We had a 31 percent decline in oil and gas production and subsequent revenues, mitigated by higher oil and gas prices which impacted final revenue numbers.”

Botten said the company continues to address its challenges into the second half of the financial year; issues other than that caused by the earthquake, and that includes an increase of stakeholder and community engagement to address issues like security, by working closely with leader of landowners and governments to overcome these challenges.

(OSL Managing Director Peter Botten)

Salome Vincent