Oil Search (ASX:OSH) record annual PNG LNG production

Company News

by Rachael Jones

Oil Search (ASX:OSH) has delivered a solid quarter, resulting in record annual Papua New Guinea liquefied natural gas production against a backdrop of improving commodity prices.

Total net annual production of 29.0 Million Barrels of Oil Equivalent, up 4 per cent from 2019.

Fourth quarter operating revenue of US$259.5 million, up 37 per cent from Q3 2020.

The company lifted ‘other’ operating cost guidance to between $US110 million and $US130 million - compared to between $US90 million and $US110 million in October - due to higher future site remediation estimates relating to assets previously impaired.

Shares in Oil Search (ASX:OSH) are trading 1.74 per cent lower at $4.22.