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July 27 (Reuters) - Australia-listed Oil Search Ltd (OSH) on Tuesday reported a 38% jump in its quarterly revenue and reaffirmed its annual production forecast, as rebounding demand for travel and industrial activity from reopening of economies strengthen oil prices.
Crude prices have soared more than 50% this year, fueling optimism about global oil demand returning to its pre-pandemic levels by next year.
This boosted the Papua New Guinea-focused firm's operating revenue to $366.2 million for the quarter ended June 30, up from $266.2 million a year earlier.
Oil Search's average realised oil and condensate prices were at $71.55 per barrel, a more than three-fold jump from a year ago, while realised LNG prices rose 17.3%.
The company, which is a takeover target of Santos Ltd (STO) , said total production for the quarter came in at 6.59 million barrels of oil equivalent (mmboe), down from 7.29 mmboe a year earlier.
It maintained its 2021 production forecast of 25.5 mmboe– 28.5 mmboe and production costs of $10.50 per boe to $11.50 per boe.
