April 17, 2018 / 1:19 AM / 6 months ago

Australia's Oil Search says Q1 revenue dips, cuts annual output forecast

April 17 (Reuters) - Australia’s Oil Search reported a 14.2-percent fall in first-quarter revenue on Tuesday as output from its key Papua New Guinea liquefied natural gas (PNG LNG) project fell after a powerful quake hit the region in February.

Revenue for the three months ended March 31 slipped to $295 million from $343.7 million at the same time last year. Production fell to 4.84 million barrels of oil equivalent (mmboe), compared with 7.57 mmboe a year ago.

Oil Search cut its full-year production forecast to 23-26 mmboe from an earlier estimate of 28.5- 30.5 mmboe. (Reporting By Susan Mathew in Bengaluru Editing by Joseph Radford)

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