OIL and gas producer Oil Search's revenue has fallen due to lower production and lower crude oil prices.
But the company is upbeat about its exploration projects in Papua New Guinea which, it says, could significantly boost its production.
The company's total operating revenue was $US381 million ($A414.13 million) in the first six months of calendar 2013, down 4.4 per cent from $US398.5 million in the same period in 2012.
Average crude oil prices in the first half of 2013 were six per cent lower than in the first half of 2012, at $US108.58.
Oil Search also produced less oil and gas in the first half of 2013, with volumes down two per cent from the previous corresponding period to 3.19 million barrels of oil equivalent (mmboe).
Both factors contributed to a six per cent drop in oil sales for the six months to June 2013.
However, the company still expects to produce between 6.2 mmboe and 6.7 mmboe in 2013.
Managing director Peter Botten said Oil Search made one gas and two oil discoveries in PNG during the three months to June.
The company will apply to the PNG government for an oil field development licence at the Mananda ridge in August.
"The potential oil in place on this feature could be as high as 100 million barrels," Mr Botten said in a statement.
Oil Search also said it was watching with interest talks that could lead to an expansion of the PNG liquefied natural gas (LNG) project, in which the company is a joint venture partner.
"It is likely that Oil Search will have an opportunity to participate in this expansion," Mr Botten said.
Oil Search shares were down 14.5 cents, or 1.8 cent, at $8.085 at 1329 AEST.
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