OIL SEARCH LIMITED UBS Resources and Energy Conference June 2010 1
Oil Search Strategic Priorities Assist ExxonMobil in delivering PNG LNG Project on time and on budget: Transformational impact on Oil Search and PNG ExxonMobil quality operator Lays foundation for major LNG industry in PNG Focus on…
PNG LNG Project Overview 6.6MTPA, 2 train development, operated by ExxonMobil Fully contracted with continuing strong market interest Based on 9.3TCF proven and probable reserves commitment Fiscal stability agreement in place for 10.5TCF…
PNG LNG Project Construction Activities Planned/Underway 6
EPC Contractors LNG Plant: Chiyoda/JGC Offshore Pipeline Saipem Hides Gas Plant CBI/Clough JV Onshore Pipeline Spiecapag Infrastructure McConnellDowell/CCC Early Works Clough/Curtain JV Associated Gas (OSH) Aker Solutions 7
Proposed LNG Plant Layout Future Expansion 8
Proposed Hides Gas Conditioning Plant and Well Pads 9
2010 PNG LNG Project Activities Continued early works: Roads, bridges, camps, site preparation and training facilities Order remaining long lead items and place purchase orders Open supply routes Mobilisation of people and equipment by…
Construction Activities LNG plant site bypass road Bridge works, Highlands Highway POM Tech construction site 300-man Flotel at Kopi Kobalu camp foundations Oiyarip Camp Construction, Mendi 11
PNG LNG Development Phases 12
Gas Growth 13
PNG Gas Growth Key strategic priority for Oil Search is to grow gas business in PNG LNG remains optimum commercialisation route for additional gas Significant pre-investment - PNG LNG will provide infrastructure and capacity to…
PNG LNG Optimisation Facilities optimisation Reviewing available reserves Accelerating appraisal/exploration activities Hides, Angore, Huria seismic - in preparation for drilling Actively reviewing : Reserve adds Construction cost…
Two-Pronged Gas Growth Strategy PNG LNG dedicated fields: Proven (1P) 301 mmboe (OSH share) all sold Proven & probable (2P) 505 mmboe (OSH share) Focus on moving 2P (& 3P) into 1P contractible category through field development…
Papuan Basin Geological Provinces & Play types Frontal FoldBelt Oil and Gas Production Kutubu + Hides Primary play type: Early Cretaceous sands (Base regional seal) in hanging wall thrust anticlines Aure FoldBelt Proven Gas…
Unlocking the Offshore 4,700km2 of 3D seismic commenced April 2010 biggest 3D survey ever undertaken in PNG Agreement signed with Talisman, to swap Talismans 35% equity in PPL 244 for 60% of OSHs 80% equity in PPL 239. Takes OSH interest…
Coal Bed Methane Potential in PNG Oil Search awarded seven licences for CBM exploration, each approx 2,500 sq km in area Three wells to be drilled in 2010 to further refine coal location, rank and thickness If encouraging,…
MENA 2010 Exploration Summary Le Kef Taj. + Le Kef 600km K42 Shakal 50km Tajerouine Shakal K42 200km Dubai Office Al Meashar - oil Well Types discovery Commitment Jebel Milh (17%) Future Commitment 28 mmstb…
Production Outlook (net to OSH) PNG LNG adds 18 mmboe pa to OSH at plateau in 2015 onwards. 30 year Project life T3 could add an additional 9 mmboe pa, with T4 of similar magnitude 90,000 80,000 Net Production (boepd)…
Oil Search Undergoing Metamorphosis Company undergoing major transformation through development of PNG LNG Significant growth delivery over next 5 years PNG LNG T1 and T2 Commitment to T3 Reserves growth for further gas optimisation…
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