OSH

Oil Search half-year profit rises nearly sixfold

Credit: REUTERS/David Gray

Papua New Guinea-focused Oil Search Ltd on Tuesday reported a nearly sixfold rise in half-year core profit, boosted by strong oil prices as demand recovered with easing pandemic restrictions globally.

Aug 24 (Reuters) - Papua New Guinea-focused Oil Search Ltd OSH.AX on Tuesday reported a nearly sixfold rise in half-year core profit, boosted by strong oil prices as demand recovered with easing pandemic restrictions globally.

The oil and gas explorer, which is close to a takeover by rival Santos Ltd STO.AX, said core profit after tax rose to $139 million for the six months ended June 30 from $24.7 million a year earlier.

(Reporting by Savyata Mishra and Harish Sridharan in Bengaluru; Editing by Devika Syamnath)

((Savyata.Mishra@thomsonreuters.com;))

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