Oil Search H1 production slips

Oil gaint reaffirms revised full-year production guidance despite posting slight decrease in first-half production.

Australia's third-largest oil and gas producer Oil Search Ltd has reiterated its revised full-year production guidance, despite posting a slight fall in first-half production.

Production in the three months to June 30 decreased to 1.63 million barrels of oil equivalent (mmboe), from 1.802 mmboe in the previous corresponding period.

For the half-year, Oil Search produced 3.188 mmboe, slightly lower than the 3.259 mmboe recorded in the first-half of 2012.

The group reiterated its amended full-year guidance for production of between 6.2 and 6.7 mmboe, which was revised down from 6.4 mmboe in February.

Oil Search's revenue at the end of the quarter was $US204.9 million ($A223.283 million), just short of the $US211.3 at the end of the previous June quarter.

Total operating revenue in the first half of 2013 was $US381.0 million, Oil Search said.

The group said its financial results were buoyed by an increase in oil sales.

Sales in the three months to June 30 totalled 1.639 mmboe, slightly higher than the 1.609 mmboe sold in the previous corresponding period.

For the half-year, Oil Search sold 2.869 mmboe, a moderate lift on the 2.863 mmboe sold in the first-half of 2012.

The group said the average realised oil price for the quarter was US$104.58 per barrel, slightly lower than US$108.73 per barrel in the previous corresponding period.