from the AFR
Oil Search on track to achieve production, capex guidanceOil Search says its on track to deliver its 2021 production and capex guidance, with second quarter revenue rising sharply in the second quarter.
The company’s second quarter operating revenue rose 21.5 per cent to $US366.2 million from the previous quarter, with oil production up 4.6 per cent.
Total production was down 4.1 per cent however, due to planned maintenance works.
“Oil Search delivered strong production in the latest quarter, supported by the safe completion of the major planned maintenance campaign at PNG LNG by the operator, ExxonMobil,” said acting chief executive Peter Fredricson.
Operated production from our Moran and Agogo fields continues to perform strongly, and operated gas production was able to offset some reduced production from the Hides Gas Conditioning Plant during upstream maintenance activities.
“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.”
