Oil Search Q3 Revenue Drops

Australia-listed Oil Search October 22 said its revenue during the three months to September 30 (Q3 2019) was down 24% year on year owing to curtailed production from its Papua New Guinea oil fields and the PNG LNG project due to damage in offshore loading facilities.

Company’s revenue in Q3 was $361.1mn compared with $474.9mn in the same quarter of last year. For the quarter, production dropped 10% to 6.81mn barrels of oil equivalent. Oil Search cut its 2019 full year production to 27-29mn boe, from an earlier forecast of 28-31mn boe.

The company said repairs to the damaged mooring chain were completed successfully in mid-October and normal loading operations have now resumed, with production ramping up. As a precaution, maintenance work on the other mooring chains at the facility has commenced, it added.