OIL SEARCH LIMITED Gas Commercialisation Transforming Oil Search UBS Australian Resources and Energy Conference, June 2008 1 Summary Material progress made on commercialising PNG gas resources PNG LNG the core initial…
Gas Resources in PNG Juha Hides Pnyang Angore Moran Elevala Kutubu Gobe Douglas Iehi Elk Kimu Uramu Barikewa Pandora 3 Gas Resource Base PNG discovered gas reserves by field (Source: Wood Mackenzie Path…
Discovered Gas Resource by Company PNG discovered gas reserves by company 7000 35.8 Technical Technical Gas Gas 17,000 17,000 bcf bcf 6352 Total Remaining Gas (bcf) 6000 Technical Gas (bcf) Commercial Gas (bcf) 5000…
PNG LNG Project A Company Transformer 7 PNG LNG Project Angore Juha Main Hides Moran Agogo Kutubu Gobe Main PNG LNG Project comprises the integrated development of Hides, Angore and Juha gas fields plus…
PNG LNG Project Construction of upstream infrastructure including production wells, processing facilities and pipeline network linking to the export pipeline Gas export pipeline from PNG Highlands to LNG plant near Port Moresby…
PNG LNG Project - Milestones Reached Operating Agreements signed Dedication of 9.3 tcf of quality gas resources from seven oil and gas fields. Unitisation agreed Fully integrated project upstream, pipeline, plant, marketing…
Delivering LNG FEED deliverables: Securing market off-take (2008/09) Securing debt and state equity funding (IM 4Q08, Financial Close end 09/early 2010) Award of EPC contracts (2009) Executing agreements on benefit sharing (1H09),…
Oil Searchs Role Oil Search will support operator ExxonMobil utilising its long in-country experience and skills. Key areas for Oil Search are: Delivering Oil Searchs component of the upstream FEED Optimising delivery of gas to LNG…
LNG Project Schedule 2007 2008 2009 2010 2011 2012 2013 2014 Pre-FEED FEED Program & EPC Contracting Entry EPC bids PNG Government Approvals Gas Agreement Environmental, Benefits Sharing Benefits Sharing Agreement IM FID…
Further Growth Opportunities for PNG Gas PNG LNG Project sets the stage for additional gas-based growth opportunities LNG delivers infrastructure that significantly enhances the value and commercialisation potential of non-Project…
Proposed Exploration Programme Northern Hub 2009 2011 exploration Western Corridor programme will test over Stage II Huria 9 tcf mean resource, with OMalley average POS of 15% Central Foldbelt Testing off-shore Mosa Deep…
Gas Growth Opportunities Additional LNG trains or plants Capacity for an additional 3.2mtpa LNG train or equivalent available at low cost, subject to further resource definition Gas could come from various sources Significant…
Value of Non-Project Gas Targeted exploration & appraisal programme 2009 plus to augment existing resource base Project Return (%) PNG LNG Nominal PNG Other LNG Non-LNG LNG Expansion Highest value can be achieved from PNG LNG…
Gas set to dominate portfolio over time Substantial unrealised value exists within Oil Searchs Existing portfolio can deliver current asset portfolio, capable superior TSR of generating superior shareholder returns over next five…
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