4 Oct 2004

PNG oil boss adresses potential investors

4:23 pm on 4 October 2004

The chief executive of Papua New Guinea's company Oil Search Ltd chief executive has addressed possible investors in the US with a message of business success.

Peter Botten has told analysts and representatives from North America's major investment firms that Oil Search was making good profit.

In August, the company announced a 65 percent increase in first half net profit of 60 million US dollars and Mr Botten says record oil prices will propel the company to another strong second half.

According to the news agency, AAP, he says while they can't control the oil price, they can control to a degree the production.

Mr Botten says the company is benefiting from higher production and an oil price above 40 dollars.

He says new developments are North West Moran and South East Mananda, both in PNG, and potential development at Nabrajah in Yemen.