By Meriba Tulo – EM TV News, Port Moresby
Low world oil prices over the past 12 months have provided a challenge for many global companies – and it is no different in Papua New Guinea, with Oil Search Limited (OSL) recording a drop in its core profits in 2015.
OSL Managing Director, Peter Botten, announced the results today with the company posting a core profit of US$359.9 million, about K1.1 billion – a 25 per cent drop from 2014 results.
Botten said a positive for the company were its production levels, with its operations achieving production of 29.25 million barrels of oil equivalent – the highest levels in the company’s 80 year history.
https://youtube.com/watch?v=UDY346ZGkVM%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0
