Oil Search (ASX:OSH) is an oil and gas exploration and development company that has been operating in Papua New Guinea since 1929 and is listed on the ASX 200.

The group now explores, develops and produces oil and gas in Papua New Guinea and Australia, not to mention Yemen, Libya, Iraq and Tunisia.

Oil Search released its fourth quarter production figures today, which showed it produced 1.64 million barrels of oil in the Q4 up 10% on Q3, but down 14% from the year earlier.

The company said that it produced 6.69 million barrels of oil in CY11 compared to 7.66 million in CY10.

However OSH said that its revenue increased to US$654.3 million in CY11 from US$517.3 million in CY10, helped in part by a rise in the average realized price for oil.

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Oil Search (ASX:OSH) is an oil and gas exploration and development company that has been operating in Papua New Guinea (PNG) since 1929 and is listed on the S&P/ASX 200.

OSH now explores, develops and produces oil and gas in Papua New Guinea and Australia, not to mention Yemen, Libya, Iraq and Tunisia.

Oil Search said the large gas export venture in Papua New Guinea with Exxon Mobil has had a budget increase of US$700 million.

The company announced today that the increase was due to the impact of the high Australian dollar.

Oil Search said that it has ample liquidity to increase its equity contribution to the project.

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Oil Search (ASX:OSH) is an oil and gas exploration and development company that has been operating in Papua New Guinea (PNG) since 1929.

The group now explores, develops and produces oil and gas in Papua New Guinea and Australia, not to mention Yemen, Libya, Iraq and Tunisia.

OSH was one of the hot shares in 2010, rising from around $5 earlier in the year to a high around $7.10 in December.

On 22 February, OSH reported its FY10 results, including net profit after tax (NPAT) including significant items of US$185.6 million, a 39% increase on-year.

2010 total oil and gas production was 7.7 mmboe, 6% lower than in 2009 but above market guidance.

Lower production reflected natural decline from the mature PNG oil fields, offset by production from recent successful development drilling, the optimisation of existing wells and facilities and a significant reduction in unplanned plant and well downtime.

Driving the profit result was a 23% rise in the average realised oil price and a one-off restatement of deferred tax, which more than offset 7% lower oil sales volumes.

Excluding significant items, NPAT rose 45% to US$144.1 million, whilst OSH declared a total dividend for the year of four US cents per share, flat on 2009.

OSH also confirmed that the famed PNG LNG project is looking at first gas in 1H14.

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