Oil Search Ltd, oil and gas exploration and development company that has been operating in Papua New Guinea since 1929, on Tuesday its first-quarter output fell 3.3 percent from a year ago, and said it was reviewing its full-year production forecast
Oil Search Ltd, oil and gas exploration and development company that has been operating in Papua New Guinea since 1929, on Tuesday its first-quarter output fell 3.3 percent from a year ago, and said it was reviewing its full-year production forecast.
Quarterly output of 2.21 million barrels of oil equivalent (boe) fell 10.6 percent on the previous quarter, Oil Search said in a statement.
The Port-Moresby-based company said sales revenue for the January-March quarter was $160.3 million.
Oil Search has forecast in February its 2008 output to be between 9.0-9.5 million barrels of oil equivalent (boe), slightly below the 9.78 million boe produced in 2007, due to natural field decline.
Oil Search is a partner in Exxon Mobil's proposed 6.3 million tonnes a year liquefied natural gas (LNG) project in Papua New Guinea led Exxon Mobil. The LNG project, estimated to cost between $10-$11 billion, is targetting to have first delivery by 2014.
