(Adds gas expansion details, production outlook, share movement)
Oct 17 (Reuters) - Papua New Guinea-focused Oil Search Ltd (OSH) said its third-quarter revenue climbed on strong output from the country's liquefied natural gas (LNG) project and said output for the year would be at the top of its guidance range.
Revenue rose to $380.8 million in the September quarter from $332.5 million in the June quarter.
Quarterly sales volumes rose 18 percent to 8.19 million barrels of oil equivalent (mmboe) from the previous quarter. RBC analysts had expected sales of 8 mmboe.
Oil Search, which recently saw the Papua New Guinea (PNG)government offload its 9.8 percent stake in the oil explorer, added development options were being evaluated for the Elk-Antelope and P'nyang gas assets as work progressed in the PNG LNG project.
The ExxonMobil-led
PNG LNG project produced at an annual rate of 8.6 million tonnes in the quarter, about 25 percent above its nominal capacity, the company said. Total production in the September quarter rose 9 percent from the prior quarter to a record 7.91 mmboe, Oil Search said.
It maintained its full-year production guidance of between 29 million and 30.5 million barrels of oil equivalent.
Oil Search shares rose as much as nearly 1 percent to the highest in four months, outpacing the broader market (xjo), which was up 0.3 percent.
