Oil Search Ltd. (OSH.AU) logged a sharp contraction in quarterly revenue as the oil and gas producer was squeezed by lower prices and the timing of cargo shipments. Still, Oil Search said output from its flagship PNG LNG gas-export operation in Papua New Guinea remained well above the installed capacity, while drilling on acreage in Alaska had confirmed the presence of oil and supported expectations the resource estimate there would be increased. Sales revenue for the first quarter totaled US$398.1 million, a drop of 21% on the prior quarter as sales were held back by the timing of liquid natural gas shipments, with ... (full story)