Oil Search Limited

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

The company revealed this in its 4^th 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).

Managing Director Peter Botten said this in the company’s 2018 third quarter report.

He said Oil Search’s equity marketing team continued to engage with LNG buyers in key Asian markets, especially on the net phase in the PNG development.

The company had announced in the quarter two mid-term LNG sale and purchase agreements signed between Oil Search and two major companies.

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.”

In its exploration and appraisal drilling update for June 2018, OSL says the objective is to constrain the resource in the field and assist in selecting the optimal commercialization pathway.

OSL says the Barikewa 3 appraisal well follows the successful Kimu 2 appraisal well in PRL 8 Forelands.

The Kimu 2 Well reached a total depth in late May 2018 and proved up an extension of the Kimu gas reservoir.

Oil Search says assuming operatorship three months earlier than expected is a result of support from government, regulators, joint venture partners and native companies.

Following the acquisition, OSL has assigned 127.5 million barrels (mmbbl) of 2C contingent oil resource to the Pikka Unit, which reflects Oil Search’s 25.5 percent share of the estimated gross resources of 500 mmbbl for the Unit.

The Alaskan North Slope is one of the US’ largest conventional oil discoveries in recent times.

Managing director Peter Botten announced today that operations and oil production have commenced from a number of Kutubu oil field wells at an initial rate of approximately 4,000 barrels of oil per day.

This follows a detailed assessment of all Oil Search-operated infrastructure, including the processing equipment, storage tanks and flow lines at the CPF, and minor remedial work to ensure the facility’s integrity.

With the CPF now operational, oil production from the Kutubu complex fields is expected to be brought back online progressively during April.

The event was launched with a K50,000 sponsorship from foundation sponsor Oil Search Limited (K25,000) and Lae-based Mapai Transport Limited (K25,000).

This is the sixth year that the event will be hosted to support the work of the PNG Cancer Relief Society in Lae.

The corporate challenge will be held in Lae on August 19th.

Oil Search PNG communications manager, Ruth Waram, said the sponsorship covers the hosting of the event, whilst 100 percent of the funds raised from the  event will go directly to the PNG Cancer Relief Society to assist their work.