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UK ROADSHOW – Oil Search Limited

Oil Search Limited · Jun 30, 2010 · 45 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. UK ROADSHOW – Oil Search Limited – slide 1
    OIL SEARCH LIMITED UK Roadshow June 2010 1
  2. UK ROADSHOW – Oil Search Limited – slide 2
    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…
  3. UK ROADSHOW – Oil Search Limited – slide 3
    Oil Search Locations Tunis Tunisia Iraq Dubai Sanaa Yemen Papua New Guinea Kutubu Ridge Camp Port Moresby (Head Office) Australia Brisbane Sydney 3
  4. UK ROADSHOW – Oil Search Limited – slide 4
    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…
  5. UK ROADSHOW – Oil Search Limited – slide 5
    PNG LNG Project Update 5
  6. UK ROADSHOW – Oil Search Limited – slide 6
    PNG LNG Fields PDL9 PDL1 PDL8 JUHA HIDES Power Plant PDL7 Nogoli Hides Camp Proposed Juha Facility ANGORE PDL7 Proposed Hides Conditioning PDL8 Plant PDL6 PDL5 MORAN PDL2 AGOGO APF Ridge Camp KUTUBU…
  7. UK ROADSHOW – Oil Search Limited – slide 7
    PNG LNG Project Overview 6.6 MTPA, 2 train development, operated by ExxonMobil Fully contracted to quality Asian customers, with continuing strong market interest: Sinopec (China) 2.0 MTPA TEPCO (Japan) 1.8 MTPA Osaka Gas (Japan) 1.5…
  8. UK ROADSHOW – Oil Search Limited – slide 8
    PNG LNG Project Overview Engineering, Procurement and Construction (EPC) contracts awarded Contracts mix of fixed and variable price Construction underway, first LNG sales targeted for 2014 Investment for initial phase estimated at US15…
  9. UK ROADSHOW – Oil Search Limited – slide 9
    PNG LNG Project Overview Initial Equities: ExxonMobil 33.2% Oil Search 29.0% Kroton2 (IPBC and Petromin) 16.8% MRDC (PNG Landowners) 2.8% Santos 13.5% Nippon Oil 4.7% 9
  10. UK ROADSHOW – Oil Search Limited – slide 10
    PNG LNG Project Construction Activities Planned/Underway 10
  11. UK ROADSHOW – Oil Search Limited – slide 11
    EPC Contractors LNG Plant: Chiyoda/JGC Offshore Pipeline Saipem Hides Gas Plant CBI/Clough JV Onshore Pipeline Spiecapag Infrastructure McConnellDowell/CCC Early Works Clough/Curtain JV Associated Gas (OSH) Aker Solutions 11
  12. UK ROADSHOW – Oil Search Limited – slide 12
    PNG LNG Logistics 12
  13. UK ROADSHOW – Oil Search Limited – slide 13
    Proposed LNG Plant Layout Future Expansion 13
  14. UK ROADSHOW – Oil Search Limited – slide 14
    Proposed Hides Gas Conditioning Plant and Well Pads 14
  15. UK ROADSHOW – Oil Search Limited – slide 15
    2010 PNG LNG Project Activities Continued early works: Roads, bridges, camps, site preparation and training facilities Order remaining long lead items and place purchase orders Open supply routes Mobilisation of people and equipment by…
  16. UK ROADSHOW – Oil Search Limited – slide 16
    Construction Activities LNG plant site bypass road Bridge works, Highlands Highway POM Tech construction site 300-man Flotel at Kopi Kobalu camp foundations Oiyarip Camp Construction, Mendi 16
  17. UK ROADSHOW – Oil Search Limited – slide 17
    PNG LNG Development Phases 17
  18. UK ROADSHOW – Oil Search Limited – slide 18
    Gas Growth 18
  19. UK ROADSHOW – Oil Search Limited – slide 19
    PNG Gas Growth Key strategic priority for Oil Search is to grow gas business in PNG LNG remains optimum commercialisation route for additional gas Significant pre-investment - PNG LNG will provide infrastructure and capacity to…
  20. UK ROADSHOW – Oil Search Limited – slide 20
    PNG LNG Optimisation Facilities optimisation Reviewing available reserves Accelerating appraisal/exploration activities Hides, Angore, Huria seismic - in preparation for drilling Actively reviewing : Reserve adds Construction cost…
  21. UK ROADSHOW – Oil Search Limited – slide 21
    Requirements for LNG train growth in PNG PNG LNG Project PPL260 Forelands Pnyang tcf & Gas Resources 25 Offshore Juha North PRL03 Resources Hides Non PNG LNG Gas 3C Exploration Juha PRL02 Angore Resources PDL1 PRL11…
  22. UK ROADSHOW – Oil Search Limited – slide 22
    Two-Pronged Gas Growth Strategy PNG LNG dedicated fields: Proven (1P) 301 mmboe (OSH share) all sold Proven & probable (2P) 505 mmboe (OSH share) Focus on moving 2P (& 3P) into 1P contractible category through field development…
  23. UK ROADSHOW – Oil Search Limited – slide 23
    Papuan Basin Geological Provinces & Play types Frontal FoldBelt Oil and Gas Production Kutubu + Hides Primary play type: Early Cretaceous sands (Base regional seal) in hanging wall thrust anticlines Aure FoldBelt Proven Gas…
  24. UK ROADSHOW – Oil Search Limited – slide 24
    Existing Discoveries Further Appraisal Required Pnyang PPL260 Hides/Juha/Angore PRL03 PDL8 PDL9 PDL1 PRL11 APPL250 PDL6 6S PRL02 PDL5 APPL249 PDL7 PPL 233 Kutubu/Agogo/SEM PPL239 Elk/Antelope PPL219 Gobe/SEG…
  25. UK ROADSHOW – Oil Search Limited – slide 25
    Proposed 2010/11 PNG Gas Exploration PPL260 PRL03 Huria (PDL 8) PDL 8/PRL 11 80km PDL8 PDL9 PDL1 PRL11 Mananda FW CBM test PDL6 APPL250 6S PRL02 PDL5 APPL249 PDL7 PPL 233 PPL239 PPL 233 55km PDL2 PPL219 APRL14…
  26. UK ROADSHOW – Oil Search Limited – slide 26
    Unlocking the Offshore 4,700km2 of 3D seismic commenced April 2010 biggest 3D survey ever undertaken in PNG Agreement signed with Talisman, to swap Talismans 35% equity in PPL 244 for 60% of OSHs 80% equity in PPL 239. Takes OSH interest…
  27. UK ROADSHOW – Oil Search Limited – slide 27
    Coal Bed Methane Potential in PNG Oil Search awarded seven licences for CBM exploration, each approx 2,500 sq km in area Three wells to be drilled in 2010 to further refine coal location, rank and thickness If encouraging,…
  28. UK ROADSHOW – Oil Search Limited – slide 28
    PNG Attracting Growing Interest Talisman Equity Participation Sasol & Interoil Equity Participation Juha Juha Hides & Angore Hides & Angore 6S 6S Kutubu & Agogo Kutubu & Agogo Gobe Gobe 8S 8S 80km 80km Port Port…
  29. UK ROADSHOW – Oil Search Limited – slide 29
    Oil Production and Exploration 29
  30. UK ROADSHOW – Oil Search Limited – slide 30
    PNG Oil Production (gross) 80,000 70,000 Added over 60,000 Oil Production (Bopd) 55 mmstb compared to Chevron 50,000 P10 40,000 P50 30,000 Pre-OSH Decline 20,000 P90 10,000 0 00 01 03 05 06 07…
  31. UK ROADSHOW – Oil Search Limited – slide 31
    Oil development drilling continues to add value PNG Oil Fields Gross Ultimate Recoverable Reserves (pre-LNG) 560 540 1P Millions of Barrels 520 2P 500 480 460 440 2003 2004 2005 2006 2007 2008 2009 Since 2003,…
  32. UK ROADSHOW – Oil Search Limited – slide 32
    Operational Outlook Gas value driving revised operating framework: Field reliability management Gas conservation with minor oil production impact Value-adding PNG production activities to continue in 2010 & 2011, winding back as first…
  33. UK ROADSHOW – Oil Search Limited – slide 33
    MENA 2010 Exploration Summary Le Kef Taj. + Le Kef 600km K42 Shakal 50km Tajerouine Shakal K42 200km Dubai Office Al Meashar - oil Well Types discovery Commitment Jebel Milh (17%) Future Commitment 28 mmstb…
  34. UK ROADSHOW – Oil Search Limited – slide 34
    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…
  35. UK ROADSHOW – Oil Search Limited – slide 35
    Production Outlook (net to OSH) PNG LNG adds 18 mmboe pa to OSH at plateau in 2015 onwards. 30 year Project life T3 could add an additional 9 mmboe pa, with T4 of similar magnitude 90,000 80,000 Net Production (boepd)…
  36. UK ROADSHOW – Oil Search Limited – slide 36
    Summary Company undergoing major transformation through development of PNG LNG Significant growth delivery over next 5 years PNG LNG T1 and T2 now in construction, production in 2014 Commitment to T3 Reserves growth for further gas…
  37. UK ROADSHOW – Oil Search Limited – slide 37
    OIL SEARCH LIMITED 37
  38. UK ROADSHOW – Oil Search Limited – slide 38
    Appendices PPL260 Wabag Hides Power Plant PNG LNG Project Juha North Nogoli Hides Camp Gas Resources Juha Angore Non PNG LNG Gas PRL PDL09 02 Tari Mount Hagen Resources PDL1 PRL PPL239 11 Huria PDL Proposed Juha 07…
  39. UK ROADSHOW – Oil Search Limited – slide 39
    PDL 1 - Hides PDL1 Hides Field 8 New Wells Drilling 2011+ GTE PL1 Hides GTE Plant Hides Nogoli Camp Hides Gas 10km Conditioning Plant Hides Field 295 kSm3/hr 22km gathering lines Construction PDL 1 ExxonMobil 36.81%…
  40. UK ROADSHOW – Oil Search Limited – slide 40
    PDL 7 - Hides GTE PL1 Hides GTE Plant Hides Nogoli Camp PL7 - Juha Pipelines 55km Gas & Liquids Construction 2021+ PDL7 South Hides 10km Hides Gas Conditioning Plant PDL 7 295 kSm3/hr ExxonMobil Oil Search 36.81%…
  41. UK ROADSHOW – Oil Search Limited – slide 41
    PDL 8 - Angore PDL8 Angore Field GTE PL1 Hides GTE Plant 2 New Wells Hides Nogoli Camp PL4 HGCP to LNG Plant 690km Gas Pipeline 10km Construction 2011-13 PL6 Angore to HGCP PL5 HGCP to Kutubu PDL 8 ExxonMobil 36.812% Gas…
  42. UK ROADSHOW – Oil Search Limited – slide 42
    PDL 9 - Juha PDL9 Juha Field 4 New Wells PL7 - Juha Pipelines 55km Gas & Liquids Construction 2021+ 10km PDL 9 ExxonMobil 43.39% Juha Facility Oil Search PNG Govt 24.42% 20.50% 1,133 kSm3/hr Nippon Oil 9.69%…
  43. UK ROADSHOW – Oil Search Limited – slide 43
    PDL 5 & 6 Moran PDL5 ExxonMobil 36.81% Oil Search 40.69% PL4 HGCP to LNG Eda Oil (PNG Govt) Petroleum Resources Moran (L/O) 20.50% 2.00% Plant 690km Gas Pipeline PDL6 Construction 2011-13 ExxonMobil 18.36% Oil Search 71.07% Nippon…
  44. UK ROADSHOW – Oil Search Limited – slide 44
    PDL 2 Kutubu Field Complex (Iagifu, Hedinia, Usano, Agogo) Moro Airstrip & Camp Kutubu Facility Additional Gas Treatment & 2km Agogo Oil Field pipeline Construction 2011/12 Kutubu Oil Field PL4 HGCP to LNG PL2 Plant…
  45. UK ROADSHOW – Oil Search Limited – slide 45
    PDL 4 Gobe Gobe Facility Additional Gas Treatment & 10km Pipeline (PL8) Construction 2011/12 PL3 Gobe Export Pipeline Gobe Airstrip & Camp PL4 HGCP to LNG Plant 690km Gas Pipeline PDL4 ExxonMobil 14.52%…

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