Oil Search
(ASX:OSH) has released its fourth quarter activity report for 2016. The company says, in the three months ending 31 December 2016, it sold a total of 7.93 million barrels of oil equivalent, which is a 6% improvement over its third-quarter sales result.
Oil Search produced 7.72 million barrels in the fourth-quarter, which is an increase of just 1% over the previous quarter.
The company’s Managing Director Peter Botten says this is one of Oil Search’s highest ever quarterly outputs and it was driven by the Papua New Guinea LNG project (which produced around 6.11 million barrels).
In addition, total revenue was $345.6 million in the fourth quarter – a 12% improvement over the previous quarter.
Oil Search posted a net profit of $34.4 million at 30 June 2016.
