PNG lifts Oil Search

OIL Search has lifted its production targets after achieving record quarterly output. The Papua New Guinea-focused oil and gas producer now expects production in calendar 2015 to be between 27 million and 29 million barrels of oil or equivalent ( mmboe), up from its previous forecast range of 26 to 28 mmboe. The improvement comes after a boost in exports from its PNG liquefied natural gas joint venture. Production in the three months to June 30 increased 7 per cent from the preceding quarter to 7.41 mmboe.