Oil Search profit up 13% despite 2018 PNG quake

Company News

by Anna Napoli

Mining giant, Oil Search (ASX:OSH) has provided an operational update with net profit rising 13 per cent to US$341 million in 2018 when compared to the year earlier period.

The result came despite lower production due to PNG Highlands earthquake in February 2018.

Strong recovery in production in the second half with PNG LNG achieving record half-year production rate which was about 30 per cent above nameplate capacity

Looking forward the company says three new gas processing trains will be developed in partnership with ExxonMobil and Total.

Oil Search expects full year production guidance to be in a range of 28.0 – 31.5 mmboe with total capital costs expected to be between US$545 – 655 million.

Shares in Oil Search (ASX:OSH) are trading 0.61 per cent higher at $8.26.