OIL SEARCH LIMITED Goldman Sachs Australasian Investment Forum March 2012 1 1 Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Operates all of PNGs producing oil and gas fields. Current gross production…
Oil Search Offices Tunis Iraq Tunisia Sulaymaniyah Dubai Sanaa Yemen Papua New Guinea Kutubu Ridge Camp Port Moresby (Head Office) Australia Brisbane Sydney 3 Key Oil and Gas Fields, PNG Oil Field…
World Class Safety Performance Total Recordable Injury Frequency Rate of 1.85 in 2011 Australian Companies TRI / 1,000,000 Hours (APPEA) International Companies (OGP) Oil Search 5 Strong Long Term Share…
Strong Funding Capacity US1.05 billion in cash at end December 2011 Cash invested with highly rated bank counterparties US246.5 million available from term revolving facility, nil drawn down Group liquidity US1.29 billion No oil hedging…
PNG LNG Project Overview Hides Wabag Juha Wells Facility Hides Gas Conditioning Mt. Hagan Plant 6S Kundiawa Goroka Mendi Komo Airfield Kutubu CPF Gobe PF Lae 7S Oil Field Kopi Wharf Gas Field Onshore pipeline…
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…
Milestones achieved in 2011 - Downstream Commenced construction of process trains, utility areas, LNG tanks and jetty. In 4Q, completed LNG tank concrete foundations and commenced construction of outer LNG tank shells Completed 130…
Timetable Continued early works Complete AG Detailed design Continue onshore Order long leads and pipe lay place purchase orders Complete offshore Open supply routes pipe lay First Gas from Contractor mobilisation Start Hides…
Trapia 1 10km Hides Juha Trapia 6S Moran Angore Kutubu Agogo Gobe Main 8S 100km 142E 144E Trapia exploration well scheduled to follow Pnyang PRL 11: Oil Search 52.5%, ExxonMobil 47.5% Series of prospects…
Gulf Area LNG Opportunity 2D Turbidite Seismic High quality 3D dataset Sheet Lines Sands assembled 6 independent play types identified to date, each analogous to proven play types elsewhere: Submarine fan & channel play…
Gulf Area Partner Strategy Partnering: Opportunity for partner to gain material country entry position Data room opened, several highly credentialed parties have been through, strong interest expressed Targeting partnering deal…
Oil Search Production Net Production (mmboe) 25 MENA Hides GTE SE Mananda 20 SE Gobe Gobe Main Moran Kutubu 15 10 8.60 8.12 7.66 6.69 6.2-6.7 5 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018…
Hedinia 10 and Agogo 6 Complex and invisible - highly successful near-field exploration to date Kutubu oil field Agogo oil field ST3 ST2 ST1 Sub-thrust Sub-thrust forelimb forelimb 33 2012/13 Development &…
2012 Production Outlook Underlying production from oil fields expected to remain strong, with 2012 production impacted by: Significant contributions from successful 2011 wells and workovers Natural decline Three week shutdown for…
Reserves and resources at 31 December 2011 No external reserves audit this year: Field production performance consistent with predictions through 2011 Currently well advanced on building new reservoir models that will allow…
Taza Seismic Taza 1 Five regional Proposed Location reservoir targets: SW NE Jeribe Euphrates/Serikagni Upper Fars Kirkuk Group Lower Fars Jaddala Saliferous Shiranish Estimates of recoverable Kor Mor Gas Field resources in…
PNG Issues PNG has experienced unprecedented political uncertainty over past 6 months: No impact to operations Continued progress on all projects Security and safety of staff paramount General Election in June 2012 with new government…
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) USmm 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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