Oil Search upgrades full year guidance and drops costs

Company News

by Jessica Amir

Oil and gas major in Papua New Guinea, Oil Search (ASX:OSH) saw its total production rise 39 per cent in the September quarter, compared to the prior quarter.

Its total production hit 7.5 million barrels of oil equivalent with its revenue climbing 81 per cent to US$474.9 million, its highest quarterly revenue since the fourth quarter of 2014.

Based on the strong performance of the PNG LNG project it has upgraded its full-year guidance to be between 25 and 26 mmboe (up from 24 to 26 mmboe), while its operating costs were dropped.

In the quarter the company also benefited from higher global oil and gas prices.

Shares in Oil Search (ASX:OSH) are trading 0.29 per cent higher to $8.54.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.