Tag: OSH

The huge PNG earthquake in February saw Oil Search’s production slip by more than a third in the March quarter and forced the group to slash 2018 production and sales forecasts by nearly 18%.

More problems for Oil Search, Santos, Exxon Mobil, Total and a host of smaller local companies with mining and exploration operations in the southwestern highlands of Papua New Guinea with another big earthquake reported from the region at the weekend.

Oil Search has delivered a threefold increase in profit and almost tripled its full year dividend amid record production and stronger oil and gas prices.

Papua New Guinea-based Oil Search Ltd reported a 12.6 percent rise in fourth-quarter revenue on Tuesday, supported by strong output from the PNG LNG (liquefied natural gas) project and improving oil prices.

Thanks to a strong three months output from the PNG LNG project, Oil Search says it remains on track to meet its 2017 guidance after lifting September quarter production and reporting a solid 22% jump in revenue for the latest three month period.

Like its larger rival, Woodside a week ago, Oil Search has ridden the improved performance of oil and LNG prices in the six months to June

Oil Search has reaffirmed its full-year production guidance despite a small dip in first quarter production. The company is the first of our trio of oil and gas majors to release their March quarter reports this week. Woodside and Santos are due to release their reports today and tomorrow.

Oil Search (OSH) narrowly beat its full-year production guidance, thanks to a solid performance in the December quarter and the company now expects to output to steady in 2017.

Like its peers, Woodside (WPL) and Santos (STO), Oil Search (OSH) saw its first-half profit fall sharply in the face of the full impact of depressed oil and gas prices.

Oil Search has abandoned its bid for InterOil, as many in the markets had expected after ExxonMobil came in over the top with a higher-priced counter offer at the start of this week.

ExxonMobil Corp has come in over Oil Search (OSH) and made a counter bid that tops the latter’s $US2.2 billion (A3 billion) offer for InterOil Corp.

The difference could not have been more dramatic – and the opportunity lost as well for rival oil and gas groups, Woodside (WPL) and Oil Search (OSH).

As to be expected, the lower prices for oil and gas adversely impacted Oil Search’s (OSH) quarterly revenue, despite record production, including the PNG LNG project.

Oil Search (OSH) has joined the impairment brigade among oil and gas companies with the warning of write-downs coming in the value of a big offshore exploration play in central Asia.

Oil Search (OSH) still doesn’t like the $11 billion plus takeover offer from Woodside (WPL), despite continuing pressure on its revenues from the weak global prices for oil and gas.

Despite Oil Search (OSH) rejecting the $11.6 billion all paper takeover offer from Woodside Petroleum (WPL), the market reckons there will be a second round, and probably soon.

As forecast, Oil Search (OSH) reported a 49% jump in first-half net profit to a record $US227.5 million, as a full half year’s share of production from the Papua New Guinea liquefied natural gas project more than offset plunging global oil, and gas prices.

Oil Search (OSH) has shrugged off the weak oil price and reported the highest quarterly production in its history during the second quarter to the end of June.

Like Australia’s other major oil groups Woodside (WPL) and Santos (STO), Oil Search (OSH) is battling the slide in oil and gas prices and their impact on operating costs and revenues, not to mention spending and, no doubt later this year, shareholder returns.

Shareholders in Oil Search (OSH), the PNG-focused oil and gas producer, can look forward to a sharp rise in dividend payouts following a strategic review of the company and its future directions.

Oil Search (OSH) yesterday released its second-quarter production report, and investors liked what they saw. The report shows the company, like rivals Woodside (WPL) and Santos (STO), is benefitting from an upturn in production and prices for some products.

Oil Search is another company about to undergo a company-changing experience.

Oil Search (OSH) has decided to throw its lot in with LNG.

Oil Search and the participants in the Papua New Guinea liquefied natural gas (PNG) project have signed a joint operating agreement, paving the way toward commercialisation of PNG’s gas resources.

Oil Search suffered a small sell off in yesterday's down day, despite revealing higher revenues for the year.