Oil Search The Next Growth Phase RIU Good Oil Conference September 2009
The Next Growth Phase PNG LNG T1 and T2 is transformational for Oil Search and PNG Over 580 million barrels of oil equivalent booked as commercial reserves Nearly triples production base Introduces 30yr plus legacy cashflow Change…
The Next Growth Phase Oil Search 2002/3 Strategic Review provided framework for delivery of consistent top quartile returns Programme to take operatorship of major fields Investment for reserve and production growth Cost…
Strong 5 Year Share Price Performance OSH has delivered consistent top quartile performance. TSR for five years to end 2008 of 396%, 7th out of ASX 100 7.00 Share price (rebased to OSH) 6.00 Oil Search 5.00 4.00 3.00…
The Next Growth Phase 2009 Strategic Review focuses on :- Delivery of PNG LNG T1 and T2 Programme for resource conversion to underwrite gas growth Timing objective to take advantage of construction synergies Active appraisal and…
World Class Safety Performance, 1998 - 2008 Total Recordable Incidents (TRIs) of 1.1 in 1H09 14 12.7 12 10.6 10.7 TRI / 1,000,000 Hours 9.8 10 Australian Companies (APPEA) 9.4 9.3 8.5 9.1 8 7.8 8.2 7.0 7.3 6.3 6.8…
Operating in PNG
Gas Commercialisation PNG LNG Project
PNG LNG Project - Summary All targeted milestones achieved, including: Umbrella Benefits Sharing Agreement signed Markets alignment on commercial terms with customers, covering full 6.3 MTPA capacity Early Works approvals and…
PNG LNG Project Juha Production Juha facility 250 mmscfd 960 mmscfd Hides Gas Hides & Conditioning Plant Angore 110km 8 65 km 14 gas Kutubu & Agogo condensate line line & 8 liquids line Gobe Existing 270km 20 crude…
Project Update FEED/Early Works FEED Bids for major supply contracts starting to come in. Technical and commercial analysis expected to be completed by end 3Q09, contractor selection (with award conditional on FID) in 4Q09 Early…
Project Update - Financing Comprehensive term sheet negotiated by PNG LNG Project finance team with a number of Export Credit Agencies (ECAs) All key terms agreed, including 70% debt: 30% equity gearing ratio Detailed discussions…
Project Update - In-country Issues Umbrella Benefits Sharing Agreement UBSA signed in May in Kokopo Defines how range of benefits will be shared between governments (national, provincial, local) and landowners Individual…
PNG LNG Milestones Commenced Receive offers Early Works of project finance Signed HOAs Receive Commence First LNG EPC bids construction sales 1Q 09 2Q 09 3Q 09 4Q 09 2010 2011 2012 2013 2014 Finalise Final Investment UBSA…
Gas Resources in PNG Exploration PPL260 Pnyang tcf Forelands & PRL03 Juha North Gas Resources 25 Offshore Resources Juha Hides Non PNG LNG Gas Angore Exploration PRL02 PDL1 PRL11 Huria Resources Other 3C Hides FW Highlands…
LNG Expansion PNG LNG Infrastructure will provide substantial cost synergies for further LNG expansion Studies underway on third train, focusing on:- Timing Cost synergies Resource requirements Economics Key requirement is…
PNG Exploration 2010/11 PPL260 Kelebo / Kopiago gas test PRL03 PPL260 Fold Belt 2010/11 Huria gas test CSG PRL02 PDL1 PRL11 2011/12 Distal 7 Licences PPL239 PRL12 PDL6 PDL5 Foldbelt Oil Play 6S PPL233 2011/12…
MENA Exploration Le Kef Tajerouine K42 Block Tunisia Shakal 1 Area 18, Libya (drilling ahead) Iraq Caliph well (drilling ahead) Libya Dubai Office Block 7, Al Meashar 2H09 Sanaa Office Yemen Block 3, Tubba…
Strategic Review
2009 Strategic Review - Status Strategic Review well advanced, recognising:- PNG LNG is company and country transformational Revised operating philosophy in oil field operations Gas supply to LNG Value of gas Facility life and…
CSG Exploration Licences Awarded seven Mineral Exploration Licences in Strickland Basin (Western Province) of PNG (CSG exploration governed by Mining Act in PNG, licences administered by Mineral Resources Authority) Covers large area…
CSG Exploration Licences Comparison to QLD CSG Region
Summary Oil Search on the cusp of major growth and corporate refocus Is in an excellent position to deliver sustained growth: Strong balance sheet US411m cash, with undrawn facility for US391m, plus likely sale proceeds from oil…
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