Macquarie 13th Annual Australia Conference 1 May 2012 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…
Key Oil and Gas Fields, PNG Angore Madang PPL260 Oil Field Gas Field Pnyang PRL3 Porgora Wabag Gold Mine Prospect Juha 260 Hides Oil Pipeline PDL8 Trapia Proposed Juha PDL9 PRL11 Proposed PDL1 Mt. Hagan Gas Pipeline Facility…
Delivering Value Oil Search has been top quartile performer over past six years Significant growth opportunities have been identified, capable of driving future value Largest ever development, appraisal and exploration programme has…
PNG LNG Project Overview Hides Wabag Oil Field Wells Gas Field Prospect Juha Facility Mt. Hagan Oil Pipeline Hides Gas Conditioning Plant 6S Proposed Kundiawa Goroka Gas Pipeline Mendi Komo Airfield OSH Facility LNG Facility…
PNG LNG Project Overview Main EPC contractors: LNG Plant: Chiyoda/JGC Offshore Pipeline Saipem Hides Gas Plant CBI/Clough JV Onshore Pipeline Spiecapag Infrastructure McConnell Dowell/CCC JV Early Works Clough/Curtain JV…
Focus items for 2012 Completion of Komo Airfield construction Structural steel erection, mechanical construction of major equipment at HGCP Continued construction at LNG Plant site including commencement of topside jetty works and…
PNG LNG Plant Site ( April 2012) 13 PNG LNG Offshore Pipeline SEMAC I Offshore pipelay vessel 14
PNG LNG Onshore Pipeline Pipe welding team Pipeline route clearing Pipe stringing Pipe burial 15 AG and PL 2 Life Extension Projects New Control Room at CPF - commenced operations in January 2012 New CALM Buoy…
PNG LNG Upstream ( Feb 2012) Hides Gas Conditioning Plant Komo Airfield and Hides well pad access road 17 18 Pnyang South 1, Western Province 18
Gas Maturation Activities, PNG Highlands Four facets to Highlands gas growth strategy, focused on converting proven and probable to proven contractable reserves plus new exploration : Pnyang South recent success, has materially…
Trapia 1 Juha Hides Pnyang Trapia NW Angore 6S Moran Huria Angore Kutubu Agogo SE Gobe Trapia 1 Tagari 8S 100km 142E 144E Trapia exploration well scheduled to spud in May PRL 11: Oil Search 52.5%, ExxonMobil…
Further Resources from Oil Fields Reserves and deliverability review 6S Moran underway for oil and gas in existing oil SE Mananda Kutubu fields Agogo Gobe Will provide optimal production management plan post commencement of gas…
Gulf Area LNG PPL339 Multi-licence, multi play type, multi Gobe well opportunity with material equity Large, initial seismic programme 338 339 completed in 2011: 6,300 km 3D offshore and 95 km 2D 339 7S 338 Elk/Antelope…
Example of Offshore 3D Seismic PPL 234 Is gas migrating from the deep kitchen through faults in the Miocene section Faulted Miocene Faulted Miocene 27 Moran, SE Mananda, Agogo 6 wellsite & Agogo Production…
Oil Search Production Outlook - Existing Fields Net Production (mmboe) Gobe Main Hides GTE 10 Moran SE Mananda 9 Kutubu 8.12 SE Gobe 8 7.66 7 6.69 6.2-6.7 6 5 4 3 2 1 0 2009 2010 2011 2012 2013 (Forecast) Production…
Hedinia 10 and Agogo 6 Hedinia 10 and Agogo 6: near-field exploration wells drilled in 2011. Prospects complex and invisible, but both successfully discovered oil and now in production Kutubu oil field Agogo oil field ST3…
Kurdistan Region of Iraq - Taza PSC Taza PSC: Oil Search 60% (operator), ShaMaran 20%, KRG 20% Jambur Oil Field Very prospective location adjacent to four fields Large, simple 4-way dip closure Kor Mor identified from 2010 seismic Gas…
Tunisia Tajerouine PSC Tajerouine PSC: Oil Search 100% Seismic acquired in 2010, with additional infill seismic shot in late 2011 Proven oil plays present and new deeper gas play developed Fiscal regime favourable discovery would be…
Summary Peak activity year for PNG LNG Project delivery in 2012: Construction at PNG LNG plant site, HGCP and Komo Completion of Associated Gas and life extension projects Focus on management of in-country issues Largest drilling…
Appendix 1: 2012 Guidance Production: 6.2 6.7 mmboe Operating costs US21 - 24/boe (incl. corporate costs) Impacted by: Major workover programme to maximise oil recoveries before gas production FOREX PNG inflation Associated…
Appendix 3: Liquidity Outlook Liquidity (cash plus undrawn bank debt) USm Dec 2011 2014 Strong balance sheet, augmented by continued strength in oil production and high oil price Outlook updated for 2011 financial results,…
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