The company in its report for the final quarter of 2015 said its full production last year stood at 29.25 mmboe - an all-time record for the company which exceeded the upper end range of Oil Search range.
Managing director Peter Botten said: “The continued strong performance during the quarter took 2015 full year production to 29.25 mmboe – 52 per cent higher than production in 2014 - and an all-time record for the company.
This exceeded the upper end of our guidance range.
“Following a strong performance from the PNG LNG project and our operated oil fields during the fourth quarter, 2015 full year production was 29.3 mmboe – an all-time record for the Company and above the top end of our 27 to 29 mmboe guidance range.”
Botten said Oil Search generated a revenue of US$1,585.7 million (K5000 million) for 2015, similar to revenues in 2014.
He pointed out that a 62 per cent increase in sales volumes was offset by significantly lower realised prices.
“The average realised price for LNG and gas in 2015 was US$9.44 (K28) per one million British thermal units (mmBtu), compared to US$13.94 (K41) per mmBtu in 2014.
The average realised oil and condensate price nearly halved – from US$97.79 (K289) per barrel to US$51.36 per (K152)