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 As operator, responsible for generating 22% of PNGs…
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) Oil Search 6.00 5.00 4.00 Woodside…
2009 First Half Performance Summary Sound operating performance in 1H09, despite challenging conditions NPAT of US35.6m vs US133.3m in pcp. Result driven by 55% lower oil price of US51.84 per barrel, marginally lower production and…
Strategic Direction 9 The Next Growth Phase PNG LNG T1 and T2 is transformational for both Oil Search and PNG 580mmboe of 2P reserves will be commercialised (pre-Govt back-in) Nearly triples OSHs production base Introduces…
The Next Growth Phase Oil Search 2002/03 Strategic Review provided framework for delivery of consistent top quartile returns Now undertaking major strategic update in light of expected PNG LNG Sanction 2009 Strategic Review is…
Gas Commercialisation 13 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…
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 pipeline…
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…
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…
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 Producing Oil & Gas Fields PPL260 PRL03 Hides PRL02 PDL1 PRL11 PDL6 6S PPL239 PDL5 PRL12 Moran SE Mananda PPL233 Kutubu Agogo PPL219 Gobe Main PDL2 PPL190 PDL4 PDL3 SE Gobe PPL240 PRL08 PRL09 PRL10…
Active Cost Management PNG production is highly Total cash costs per boe profitable net oil field US/boe 16 costs US10.74/bbl in 1H09, US9.97/boe 14 1.09 including gas field costs 12 1.75 2.18 0.46 Global industry cost 10 1.88…
OSH Net Production Production outlook for 2009 of 8.0 8.3 mmboe Net Production (mmboe) 14 MENA Hides GTE SEM 12 SE Gobe Gobe Main Moran 10 Kutubu 8 6 4 2 0 2004 2005 2006 2007 2008 2009F 27 Field Development…
2009 Exploration Update Active 2H09 programme, focusing on maturing gas prospects in PNG and MENA commitments 2H09 activities include: PNG: Wasuma well in PPL219 commencing 4Q09 2D Seismic MENA Portfolio optimisation PNG PNG…
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…
MENA Exploration Le Kef Tajerouine K42 Block Tunisia Shakal 1 Area 18, Libya (testing) Iraq Caliph well (drilling ahead) Libya Dubai Office Block 7, Al Meashar 2H09 Sanaa Office Yemen Block 3, Tubba (drilling…
Libya Caliph-1 Caliph is a frontier wild-cat testing proven and new plays offshore Libya Exxon, Hess, BP, NOEX all drilling in area Well has encountered difficult drilling conditions due to high pressure and high gas Has had to be…
PNG LNG transforms OSHs production outlook 2009 2010-2013 2014+ 1. Deliver 2. Project PNG Build, LNG Positioning 3. Project Completion, Delivering Growth Project for Growth 60,000 Oil Production (bopd) 50,000 LNG…
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