Oil Search lifts Q3 production

Oil and gas production rise despite a fall in sales, PNG LNG project on budget.

Oil Search (OSH) increased oil and gas production in the third quarter of 2013, despite a fall in oil and gas sales.

In its quarterly production update, Oil Search said oil and gas production totalled 1.78 million barrels of oil equivalent (Mmboe) in the three months to September 30, a 10% lift from 1.63 Mmboe in the previous corresponding period and much higher than the 1.62 Mmboe analysts had predicted.

But oil and gas sales fell to 1.53 million barrels of oil equivalent in the quarter, a 19% decrease from 1.89 million barrels of oil equivalent in the previous corresponding period.

The company sees 2013 production at the uppder end of its 6.2-6.7 Mmboe forecast.

Its PNG LNG project remains on budget and on track for first gas deliveries in the second half of 2013, Oil Search said.

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