News: Oil Search lifts Q2 output, confirms guidance

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Oil Search Limited (ASX:OSH) has grown its second quarter production and confirmed its full year guidance following start-up of the $US19 billion PNG LNG Project ahead of schedule.  

 

The company increased total oil and gas output to 3.69 million barrels of oil equivalent (mmboe) in the second quarter, 120 per cent up from the prior quarter. 

 

The company has also affirmed it expects to deliver its upgraded full-year production guidance of between 17 million to 20 million barrels of oil equivalent. 

 

Managing Director Peter Botton has described the start up of the PNG LNG Project as a major milestone and start of a major corporate transformation.

Oil Search expects production to quadruple over 2015, which will be the project’s first full year of operation. 

 

Oil Search reported a net profit of $230 million in the 2013 calendar year.