PNG company Oil Search Limited delivered a record operating revenue of 812 million US dollars last year due to higher oil prices in the first half.
The Post Courier reports the PNG-based oil and gas producer however warned that earnings this year would be hit by the lower oil price following a drop in the fourth quarter output for 2008.
It added that operating costs for the second half of 2008 would be about 10 per cent higher than the first half due to an increased level of well workover.
Output during the three months to December 31 dropped by 13.2 per cent on the corresponding quarter of 2007 to 2.148 million barrels of oil equivalent, primarily due to the sale of the company's Middle East assets in May.
