Companies & Finance

Oil Search revenue drops by 14% in Q1

Oil Search saw its revenue drop by 14.2% year on year in Q1 2018, to $295 million,
By Staff reporter 17 April 2018 0 30471

Oil Search saw its revenue drop by 14.2% year on year in Q1 2018, to $295 million, after a powerful earthquake in late February disrupted production at the PNG LNG plant in Papua New Guinea, the Australian company said on Tuesday.

Oil Search’s output fell to 4.84 million barrels of oil equivalent (MMboe), down from 7.57 MMboe in Q1 2017.

The company has lowered its 2018 production guidance to 23-26 MMBoe from an earlier estimate of 28.5-30.5 MMboe.