Wednesday, January 30, 2013

Oil Search produced 6.38 million barrels of oil in 2012

Source: The National, Wednesday, January30, 2013

OIL Search oil production in the fourth quarter of 2012 was 1.79 million barrels of oil equivalent (mmboe), taking production for the 2012 full year to 6.38 mmboe, according to the company’s December quarterly report released yesterday.
This, according to managing director Peter Botten, was within the company’s guidance range.
“In the fourth quarter, we experienced a return to normal operating conditions for our PNG producing oil fields following the unplanned shut-in during the third quarter,” he said.
“Total oil and gas production for the quarter was 1.79 mmboe, which brought total production for the full year to 6.38 mmboe, consistent with our guidance range.
“1.66 million barrels of oil was sold during the quarter, at an average oil price of US$111.09 per barrel.
“The crude oil inventory position increased by 81,000 barrels compared to the 2011 year end position.
“Total operating revenue for the quarter was US$218.2 million, taking 2012 full year re­venue to US$724.6 million, just slightly lower than the 2011 full year revenue of US$732.9 million.”

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