Papua New Guinea's oil & gas supplier Oil Search (ASX:OSH)
, increased its revenue and oil production for the second quarter (Q2), ending 30 Jun 2021.
Operating revenue increased by 21.5 per cent to US $366.2 million compared to Q1, following completion of the PNG LNG maintenance campaign that finished ahead of schedule.
Oil production from operated fields increased 4.6 per cent from Q1, driven by a strong performance on the Moran fields.
Total production of 6.6 million barrels of oil equivalent decreased by 4.1 per cent from Q1, due to planned maintenance works.
Chief executive officer Peter Fredricson said: “The macro environment helped drive an increase in revenue despite the planned rate reduction at PNG LNG during the quarter. Sales volumes were broadly similar to the first quarter due to careful inventory management and flexibility from using the spot market."
Shares on Oil Search (ASX:OSH)
are trading 0.5 per cent higher at $3.97.