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Oil Search says Q1 output 2.21 MMBOE, reviews forecast

Mon Apr 21, 2008 9:47pm EDT

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PERTH, April 16 (Reuters) - Australian listed Papua New Guinea (PNG) oil and gas producer Oil Search Ltd (OSH.AX), said on Tuesday its first-quarter output fell 3.3 percent from a year ago, and said it was reviewing its full-year production forecast.

Quarterly output of 2.21 million barrels of oil equivalent (boe) fell 10.6 percent on the previous quarter, Oil Search said in a statement.

The Port-Moresby-based company said sales revenue for the January-March quarter was $160.3 million.

Oil Search has forecast in February its 2008 output to be between 9.0-9.5 million barrels of oil equivalent (boe), slightly below the 9.78 million boe produced in 2007, due to natural field decline.

Oil Search is a partner in Exxon Mobil's (XOM.N) proposed 6.3 million tonnes a year liquefied natural gas (LNG) project in Papua New Guinea led Exxon Mobil. The LNG project, estimated to cost between $10-$11 billion, is targetting to have first delivery by 2014. (Reporting by Fayen Wong)



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