Oil Search profit obliterated

HAVING failed to find much exploration success and trumped in its bid to secure control of the Elk-Antelope field, Papua New Guinea-focused oil and gas producer Oil Search's profitability has now fallen off a cliff.

This morning Oil Search revealed its net profit after tax had collapsed almost 90% to just $US25.6 million, off the back of lower oil and gas prices.

Revenue was down by one third to $580.