21 Feb 2006

Oil firm with PNG interests expected to make bumper profit

9:40 am on 21 February 2006

A Sydney based company with interests in the development of Papua New Guinea's gas-oil project is expected to unveil a bumper annual profit this week.

Oil Search Ltd has already reported record annual revenue of more than US$638 million last year, based on production for the year of 12.2 million barrels of oil.

Energy companies, including Oil Search, have been well served by the booming price of oil, which rose again today after attacks by militants in the Niger Delta that shut down nearly a fifth of Nigeria's oil production.

Prices for Brent crude oil for April delivery rose US$1.57 a barrel to US$61.46 a barrel on London's ICE Futures exchange yesterday