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Quake hits oil firm's production, revenue

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Papua New Guinea-based oil and gas firm Oil Search Ltd.'s production declined more than 33% in the first quarter after a 7.5-magnitude earthquake in February shut down its local operations, The Sydney Morning Herald reported. Revenue fell more than 24% to $295 million in the first quarter from $389 million in the last quarter of 2017. The firm said that it will be back at 80% of pre-quake production levels by the second quarter. Oil Search expects to incur about $30 million in remediation costs due to the quake.

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