Oil and gas producer Santos Ltd. on April 19 reported a near 7% fall in first-quarter production as output from the Papua New Guinea LNG project fell after a powerful quake hit the region in February.

Santos, the target of a $10.4 billion takeover offer by U.S. based investor Harbour Energy, said production for the quarter ended March 31 fell to 13.8 MMboe from 14.8 MMboe in 2017.

Santos slightly cut its production forecast range for 2018 to between 55 MMboe and 58 MMboe from earlier guidance of between 55 MMboe and 60 MMboe.