Oil Search Limited announced production and financial results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported LNG production of 24,805 mmscf compared to 23,802 mmscf a year ago. Condensate production was 798,000 bbls compared to 781,000 bbls a year ago. Naphtha production was 64,000 bbls compared to 42,000 bbls a year ago. Total oil production was 1,391,000 bbls compared to 1,438,000 bbls a year ago. Total barrels of oil equivalent was 7,512,000 boe compared to 7,236,000 boe a year ago.

For the year, the company reported LNG production of 96,644 mmscf compared to 52,199 mmscf a year ago. Condensate production was 3,066,000 bbls compared to 1,870,000 bbls a year ago. Naphtha production was 208,000 bbls compared to 90,000 bbls a year ago. Total oil production was 5,505,000 bbls compared to 5,845,000 bbls a year ago. Total barrels of oil equivalent was 29,252,000 boe compared to 19,274,000 boe a year ago.

For the quarter, total operating revenue was $342.9 million against $562.1 million a year ago. Exploration and evaluation expenditure totaled $67.7 million.

For the year, total operating revenue was $1,585.7 million against $1,610.4 million a year ago. Net debt as on December 31, 2015 was $3,318.2 million against $3,452.0 million as on December 31, 2014.

The company provided production guidance for the year 2016. 2016 full year production is anticipated to be in the range of 27.5 mmboe ­ 29.5 mmboe. The effective tax rate for the full year is expected to be close to the statutory rate for gas projects in PNG of 30%, excluding adjustments in respect of any impairment that may be recognized.