Australia-listed company Oil Search saw revenue rise in 2019, boosted by record liquefied natural gas output in Papua New Guinea.

Oil Search generated US$1.58 billion over 2019, up 3% on the nearly US$1.54 billion in revenue booked over the prior year.

The rise in revenue came as output rose from 25.2 million barrels of oil equivalent in 2018 to more than 27.9 million boe last year, which was within the company’s forecast 27 million – 29 million boe range.

Driving output higher was record production from the ExxonMobil-operated PNG LNG project, which achieved gross production of 8.5 million tonnes, up 2% on the previous record set in 2017.

Oil Search noted the record high output at PNG LNG came despite scheduled plant maintenance in the second quarter and a short curtailment of production in the third quarter, while repairs were made to the Kumul Marine Terminal offshore liquids loading facility.

“The PNG LNG project continues to perform strongly and despite planned major turbine maintenance work to one train in the second quarter, volumes are expected to be similar to 2019 levels. Maintenance work on the turbine on the second train is scheduled for 2021,” Oil Search managing director Peter Botten said.

“Oil Search-operated production is forecast to increase following the return to service of the Kutubu and Moran wells shut-in by the loading facility issue, completion of work to reinstate residual production impacted by the 2018 earthquake and a successful in-field workover and drilling programme in 2019, with one further development well planned to be drilled in 2020.”

Oil Search has forecast steady production this year, with its 2020 guidance forecasting output of between 27.5 million and 29.5 million boe.

The company will release its full year financial results on 25 February.

Production

Record LNG output lifts Oil Search's revenues