OIL SEARCH LIMITED UBS Global Oil and Gas Conference Beijing September 2010 1
Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Operates all of PNGs producing oil and gas fields. Current gross production 40,000 boepd, net share 21,000 boepd Proven reserves base of 344 mmboe, proven and probable of…
Oil Search Locations Tunis Sulaymaniyah Tunisia Iraq Dubai Sanaa Yemen Papua New Guinea Kutubu Ridge Camp Port Moresby (Head Office) Australia Brisbane Sydney 3
Strong Long Term Share Price Performance Annualised TSR of 29.5% for five years to end 2009, top ASX 100 performer 7.00 Share price (rebased to OSH) 6.00 Oil Search 5.00 4.00 Woodside WTI oil 3.00 Santos 2.00 ASX 100…
Oil Search Strategic Priorities Assist ExxonMobil in delivering PNG LNG Project on time and on budget: Transformational impact on Oil Search and PNG ExxonMobil quality operator Lays foundation for major LNG industry in PNG Focus on…
PNG LNG Project 6
PNG LNG Project Overview 6.6 MTPA, 2 train LNG development, operated by ExxonMobil Fully contracted to quality Asian customers (Sinopec, TEPCO, Osaka Gas & CPC) with continuing strong market interest Financial Close in March 2010,…
PNG LNG Project Competitive Advantages ExxonMobil quality operator with strong reputation for project delivery on time and on budget Complemented by OSHs PNG country expertise Conventional LNG project, based on tried and tested…
OSH PNG Operated & Participating Projects Koroba GTE PL1 PDL 1 Hides Field 8 new wells PDL 9 Juha Field 4 new wells Tari Hides GTE Plant Idawi Hides Nogoli Camp Hides Field 22km gathering lines PDL 8 Angore Field 2 new…
OSH PNG Operated & Participating Projects Moran Oil Field Agogo Facility Additional Gas Treatment & 19km pipeline Poroma SE Mananda Oil Field Inu Mission Moro Airstrip & Camp SE Hedinia Field Agogo Oil Field 2 new wells…
OSH PNG Operated & Participating Projects Kopi Dock & Camp Kopi major extension Kikori to logistics site Ba PL 4 (Offshore) 407km Gas Pipeline Kumul Marine Terminal OSH Facilities PNG LNG Facilities 13
OSH PNG Operated & Participating Projects Kikori Ba 14
OSH PNG Operated & Participating Projects LNG Facility Capacity 6.6 MTPA 2 x 165,000m3 LNG tanks 2 x 8,500m3 condensate tanks LNG Jetty Materials offloading facility OIL SEARCH LIMITED Head Office Sogeri PORT MORESBY OSH…
PNG LNG Project Construction Activities Planned/Underway 16
PNG LNG Project 17
Logistics: Highlands Highway Bridge construction 18
Logistics: Kopi Wharf 19
Proposed LNG Plant Layout Future Expansion 20
LNG Plant site construction 21
PNG LNG Project Training Centre, Port Moresby 22
PNG LNG Project Graduates 23
Proposed Hides Plant and Wellpads 24
Mananda-5 Growth Opportunities 25
PNG Gas Growth PNG LNG will have expansion capabilities with excellent cost structure: Use of capacity in pipeline, jetty, tanks and services Trained local work force Additional synergies available if construction follows T1/2…
PNG Gas Growth Two core development strategies: Train 3 Development PNG LNG Expansion Brown fields development leveraging synergies Underwritten by PNG LNG fields resource base Train 4 Development Utilising discovered gas resource…
PNG LNG Dedicated Fields Potential upside possible in all PNG LNG fields Near term focus on: Associated Gas Fields (Kutubu/Moran/Gobe/Agogo) Recent wells and additional production history indicate increased gas resource.…
Requirements for LNG train growth in PNG PNG LNG Project PPL260 Pnyang tcf Gas Resources 25 Juha North PRL03 Hides Non PNG LNG Gas Forelands Juha Angore & PRL02 PDL1 PRL11 Resources Offshore Huria Resources2 Hides Deep…
Strategic Review Major strategic review underway to optimise growth path and prepare for substantial production and revenue growth. Dedicated review team in place Focus areas : PNG oil and gas operations interface PNG LNG delivery Gas…
Production Outlook Despite maturity, recent development drilling success expected to reduce oil production decline curve prior to first LNG. High value barrels PNG LNG adds 18 mmboe pa to OSH at plateau in 2015 onwards. 30 year…
Summary Company undergoing major transformation through development of PNG LNG PNG LNG T1/2 construction progressing steadily, timing and budget estimates unchanged. Project is in good hands With PNG LNG underway, new OSH strategic…
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