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imageSYDNEY: Papua New Guinea oil and gas producer Oil Search Ltd says it is open to future takeover offers, despite rebuffing an $8 billion all-share bid from Woodside Petroleum last year.

Oil Search shares sank 17 percent last September when Woodside abandoned the deal, after failing to win support from Oil Search.

At Oil Search's annual general meeting in Port Moresby on Friday, chairman Richard Lee told shareholders the Woodside bid "significantly undervalued the company," according to a copy of his speech published on the Oil Search website.

"If any proposal is submitted in future, it will be assessed objectively and on its merits," Lee said.

The company's production in 2015 was an all-time high of 29.3 million barrels of oil equivalent and delivered a profit, before impairments, of $360 million.

Oil Search shares slipped 1.6 percent to A$6.75 on Friday.

Copyright Reuters, 2016