Morgan Stanley Asia Pacific Summit November 2011 1 Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Operates all of PNGs producing oil and gas fields. Current gross production 33,500 boepd, net share 18,500 boepd…
Oil Search Locations Tunis Iraq Tunisia Sulaymaniyah Dubai Sanaa Yemen Papua New Guinea Kutubu Ridge Camp Port Moresby (Head Office) Australia Brisbane Sydney 3 OSH Strategies to Create Value Optimise…
World Class Safety Performance Total Recordable Injury Frequency Rate of 1.47 in 1H11 12 10.6 10.7 9.8 10 Australian Companies (APPEA) TRI / 1,000,000 Hours 9.4 9.1 9.3 8 7.8 8.2 7.3 6.8 6.0 7.0 6.3 5.7 6.0 6 5.8…
Strong funding capacity US1.10 billion in cash at end September Cash invested and actively managed with highly rated bank counterparties US261.0 million available from term revolving facility, nil drawn down. Facility expires 2013,…
PNG LNG Project Overview 6.6 MTPA, 2 train development, operated by ExxonMobil Over its 30-year life, PNG LNG expected to produce over 9 tcf of gas and 200+ million barrels of associated liquids Initial Equities: ExxonMobil - 33.2% Oil…
Milestones Achieved to 3Q11 Ground-breaking and pouring of first foundations at LNG plant site. Fabrication of process trains, tanks and jetty underway Final delivery of line pipe to PNG for onshore pipeline, over 30km of welding and…
Focus Areas Community engagement Working with new Government to ensure continued alignment and delivery of obligations Logistics in the Highlands Strong A - pressures easing due to mitigation 13 Timetable Continued early…
Hides Gas Conditioning Plant site 15 PNG LNG Project Onshore Pipeline Construction First weld Pipe Welding Pipe Lowering-in 16
PNG LNG Project Onshore Pipeline Construction Pipeline stringing Welded pipeline 17 PNG LNG Project Plant Site July 2011 February 2011 18
PNG LNG Project Plant Site Process pipe rack construction Marine jetty piling 19 PNG LNG Project Plant Construction 20
Largest OSH Drilling Programme Embarking on one of the largest drilling programmes ever undertaken, starting 4Q11 continuing through 2012, into 2013 Multi-TCF risked potential for gas and several hundred millions of barrels of oil…
PNG LNG Resource Maturation Integrated exploration, appraisal and development drilling programme in the PNG Highlands PNG LNG dedicated fields: Associated Gas Fields: Oil Search (Operator) undertaking detailed evaluation on…
PNG LNG Resource Maturation Pnyang (PRL 3) ExxonMobil 49%, Oil Search 38.5%, JX Holdings 12.5% Well targeting southern fault block Additional seismic completing strike and two further dip lines Aim is to move 3C to 2C and increase…
Gulf Area LNG Opportunity Prospectivity: Targeting 4Q for initial assessment of prospectivity across all licences Final views by year end Partnering: Discussions initiated and ongoing with potential strategic farm-in partners…
Kurdistan - Taza PSC PSC signed after exercising Jambur Option Agreement Oil Field Oil Search operator with WI of 60%, ShaMaran 20%, KRG 20% Kor Mor Very prospective location Gas Field adjacent to three fields Large, simple 4-way dip…
Oil Search Production Net Production (mmboe) 25 MENA Hides GTE SE Mananda 20 SE Gobe Gobe Main Moran Kutubu 15 10 8.60 8.12 7.66 6.2-6.7 5 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 33 2011…
2011/12 Focus Areas Maintain OSHs industry-leading safety performance in high activity environment Strong commitment to cost effectiveness PNG LNG Project commitments driving operational developments: Deliver the Associated Gas…
Near Field Exploration Detailed review of near field exploration potential in and around existing producing fields as part of 2010 strategic review More than 25 opportunities originally identified. Recent successes support new…
2011/12 Development & Near- Field Appraisal Drilling Activity PPL260 PRL02 Hides PPL239 PDL1 PRL11 Juha Angore PRL 12 6S Moran: PRL12 PDL6 PDL5 2012 : 1-2 wells PPL233 APPL350 PPL219 PPL233 Mananda 5 Kutubu: SE Mananda…
PNG Operating Environment Rapidly changing economic and social landscape Changes in traditional tribal culture Increased expectations and opportunities Education and communications Potential instability pre June 2012 election…
Summary Delivery of PNG LNG on track: Robust project Outside crowded Australian LNG space, conventional onshore gas, limited technical risks High quality Operator, making good progress towards first sales in 2014 Largest ever…
2011/12 Guidance Summary 2011 operating cost guidance unchanged at US1921/boe. Includes corporate costs of US3/boe Subject to finalisation of budgets, 2012 opex expected to be slightly higher on a per barrel basis, impacted by:…
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