Oil Search has lifted its full year revenue 17 per cent to $1.4 billion as prices improved and it hit the upper end of its annual production guidance.
The energy explorer said production slipped four per cent in the final three months of 2017 to 7.6 million barrels of oil equivalent (mmboe), but production for the full year was up 0.2 per cent to a record 30.3 mmboe.
The company said it expected to maintain that level of output in 2018, issuing guidance of between 28.5 and 30.5 mmboe.
Fourth quarter revenue was stronger than in the third quarter despite lower sales, reflecting strong improvement in hydrocarbon prices, Oil Search said.
Chief executive Peter Botten said talks with joint venture partners Exxon Mobil and Total on expanding the Papua New Guinea liquefied natural gas project had accelerated in the fourth quarter, and a presentation to the country's government was expected in early 2018.
A final investment decision on whether to proceed is anticipated in 2019.
"The joint venture remains aligned on pursuing an integrated development that will benefit all stakeholders through material construction and operational synergies," Mr Botten said.
Oil Search shares were up six cents, or 0.8 per cent, at $7.72 at 1435 AEDT.
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