Oil Search lifts 2014 production guidance January 28, 2014 - 4:30PM Oil Search's main production operations are located in Papua New Guinea (PNG), where it is also involved in an integrated natural gas and liquefied natural gas (LNG) development operated by ExxonMobil. On Tuesday the company lifted its 2014 production guidance from a range of 10 to 13 million barrels of oil equivalent (mmboe), to between 12 and 15 mmboe. Oil Search produced 6.74 mmboe in 2013, it said, slightly above its guidance range of between 6.2 and 6.7 mmboe. Revenue in 2013 was $US766.3 million ($A877.28 million), up six per cent from $724.6 million in 2012, as global oil prices strengthened. "Oil Search closed the 2013 financial year on a very positive note, with strong production in the second half resulting in full year production above guidance," Oil Search managing director Peter Botten said. As of December 31, the PNG LNG project was more than 90 per cent complete, on budget, and on track for first LNG sales in the second half of 2014. Work was also continuing on the potential development of the P'nyang gas field, to help underwrite an expansion of the PNG LNG project. Scoping studies would continue through 2014 ahead of an application for a development licence for the field in early 2015. Shares in Oil Search were up 12 cents at $8.26 on Tuesday.