Oil Search: Interim results 2012

The PNG LNG project continues to be constructed in the PNG Highlands. Gaurav Sodhi provides an update as Oil Search releases results.

News of political strife in Papua New Guinea (PNG) is like news of rain in London; predictable and expected. Despite the friction in parliament, Oil Search released reasonable results for the half year (it has a calendar year end). Production fell 8% to 3.3m barrels of oil equivalent (mmboe) as aging fields creaked closer to exhaustion. Despite higher oil prices lifting revenues, net profit after tax fell 6% to US$108m. From earnings per share of US$0.081, down 7%, a US$0.02 unfranked dividend was declared (ex-date 7 Sep).


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