Oil Search revenue soars post-earthquake

AUSTRLALIAN explorer and developer Oil Search has noted extremely positive results for the company’s third quarter, with a jump of 81% in revenue largely due to its PNG LNG project returning to a productive phase after recovering from the massive 7.5 magnitude earthquake that interrupted operations at the start of this year.

Oil Search revenue soars post-earthquake Oil Search revenue soars post-earthquake Oil Search revenue soars post-earthquake Oil Search revenue soars post-earthquake Oil Search revenue soars post-earthquake
 
Total revenue was A$474.9 million over the September quarter, up from $262.8 million in June, representing a 81% increase in revenue, while production in the third quarter was 7.5 million barrels of oil equivalent rising by nearly 40%. 
 
Heightened revenue for the quarter was underpinned by a 68% lift in LNG and gas sales and a 31% increase in liquids sales, along with higher gas prices which were up 18% and high oil prices.
 
"During the quarter, the company benefited from higher global oil and gas prices, achieving an averaged condensate price of US$76.17 per barrels, up 5% on the second quarter, and an average realised LNG and gas price of US10.45 mmBtu, 18% higher than in the previous period," Oi...