Oil Search Ltd. (OSH.AU) said Tuesday it expects production this year of between 6.2 million and 6.7 million barrels of oil equivalent following an almost 13% fall in 2011 output due to the natural decline of its Papua New Guinea fields and a planned two-week shutdown of a gas project.

Recent successful exploration and appraisal drilling is expected to largely offset natural field decline this year, the company said in a statement to the Australian securities exchange.

The Papua New Guinea-based company said it produced 6.69 million barrels last year, compared with 7.66 million in 2010. Revenue for the year, however, increased to US$654.3 million frmo US$517.3 million the year before, help in part by a rise in the average realized price for oil.

Oil Search said it produced 1.64 million barrels in the fourth quarter, up 10% on the previous quarter but down 14% from 1.86 million a year earlier.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

Caltex Australia (ASX:CTX)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Caltex Australia Charts.
Caltex Australia (ASX:CTX)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Caltex Australia Charts.