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Port Moresby
April 13, 2021
Business News

Oil Search Core Profit Drops 25%

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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.


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