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OIL SEARCH SET TO RAISE OUTPUT ON NEW PNG ASSETS.
MELBOURNE, June 2 Asia Pulse - Oil Search Ltd (ASX:OSH) is set to raise oil output, as the company assumes control of operations at some of Papua New Guinea's biggest oil fields.
The company said it now expects oil production to increase in 2003/04.
Oil Search will take over as operator at its joint venture projects when partner Chevron Texaco (NYSE: CVX) exits the country.
Oil Search chairman Trevor Kennedy told the company's annual general meeting in Port Moresby the oil and gas explorer had conducted a strategic review of operations.
It was now preparing to introduce a range of initiatives to cut costs and increase drilling in Kutubu, Moran and Gobe oil fields.
The company had never been in better shape and was well-positioned for the role, Mr Kennedy said.
Oil Search had posted a record start to 2003 in production revenue and profits and expected to continue this trend, with production increasing as part of the new initiatives.
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