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JUNE 2009 OPERATIONS UPDATE – Oil Search Limited

Oil Search Limited · Jun 3, 2009 · 20 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 1
    OIL SEARCH LIMITED On the cusp Oil Search Update June 2009 1 On the Cusp Oil Search and its partners are on the cusp of committing to the world scale PNG LNG Project, a thirty year plus legacy project: Aiming for…
  2. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 2
    Oil Search Location Map 3 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) 6.00…
  3. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 3
    Financial Performance Share price underpinned by positive financial performance 900 USm 800 814.3 EBITDAX 718.6 700 664 644.5 698.0 600 554.3 544.8 598.2 Revenue Operating 500 Cash Flow 507.4 416.3 399 400 357.7 350.8…
  4. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 4
    World Class Safety Performance Total Recordable Incidents (TRIs) 1998 2008 14 12.7 12 Australian Companies TRI / 1,000,000 Hours 10.6 10.7 (APPEA) 9.8 10 9.1 9.4 9.3 8.3 8.5 8 8.2 7.8 7.0 7.3 6.8 6.3 6.8 6 5.8 5.2…
  5. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 5
    Strategic Priorities Previous strategic reviews have been instrumental in adding shareholder value and achieving sustained top quartile performance 2009 Strategy Update now taking place with three time horizons: 9…
  6. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 6
    PNG LNG Project Platform for Major Growth 11 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…
  7. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 7
    PNG LNG Project Status Project momentum continues to build towards year end FID FEED activities on track, early works decision imminent Markets being confirmed Financing negotiations and due diligence on schedule Umbrella Benefits…
  8. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 8
    LNG contract pricing Analysis of Recent Contracts to Japan, Korea and China (DES) 18 Crude Oil Parity RasGas to KOGAS (from 2007) 16 Dec 06 Shell (QG) to PetroChina 14 Apr 08 Bontang (Renewals) Mar 08 12 Average Australia…
  9. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 9
    Project Status FEED & Contracting FEED activities targeting completion end 3Q09: Upstream contracting bids due early 3Q09 Downstream EPC bids due mid 3Q09. Competition between Chiyoda (APCI) and Bechtel (Phillips Cascade) Signs of…
  10. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 10
    Project Status Benefits Sharing Umbrella Benefits Sharing Agreement (BSA) signed in May landmark event for the Project, major democratic process with 2,000 stakeholders involved BSA is agreement between Government and landowners on…
  11. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 11
    Project Status Financing cont Post Govt back-in, Oil Search Project interest 30% Share of joint financing US3.4bn Equity requirement at FID US1.2bn Standard project finance facility with parent company guarantee during…
  12. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 12
    PNG LNG Project On Track PNG LNG progressing very well Early works decision imminent Schedule unchanged, targeting Final Investment Decision late 2009, LNG sales 2013/14 Seen as one of only a few projects in region moving to FID…
  13. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 13
    Positioning for LNG Expansion PNG LNG infrastructure will have capacity to accommodate further LNG train at minimal investment By leveraging off PNG LNG infrastructure, 3rd train LNG economics are very strong. 4th train would…
  14. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 14
    Oil Operations and Exploration 27 PNG Producing Oil & Gas Fields PRL03 Hides PRL02 PDL1 PRL11 PPL239 PDL6 PRL12 PDL5 Moran PPL233 SE Mananda Kutubu Agogo PDL2 PPL219 Gobe Main PPL190 PDL4 PDL3 SE Gobe…
  15. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 15
    Providing Cash for Growth Since Oil Search took over operatorship of PNG oil fields in 2003, fields have produced 50 mmbbl in excess of previous operators expectations and field life extended Aim is to optimise PNG oil cash…
  16. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 16
    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 31 2009 Exploration Focus…
  17. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 17
    PNG Exploration PRL03 Fold Belt PRL02 PDL1 PRL11 2011/12 Distal Foldbelt Oil Play PPL239 PDL6 PDL5 PRL12 PPL233 2010/12 Follow-up Sub thrust leads adjacent to 2009/10 Wasuma oil test Gobe, Hedinia and Hides. PDL2 PPL21 9…
  18. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 18
    Capital Management Measures In light of recent oil price falls, Oil Search has commenced implementing prudent capital management strategies Focus is to ensure funding is available for areas of highest value creation: First…
  19. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 19
    Summary 37 OSHs key business priority is delivering the PNG LNG Project 2009 2010-2013 2014+ 1. Deliver 2. Project PNG Build, LNG Positioning 3. Project Completion, Delivering Growth Project for Growth 60,000 Oil…
  20. JUNE 2009 OPERATIONS UPDATE – Oil Search Limited – slide 20
    Summary Oil Search is in an excellent position for further growth PNG LNG moving forward, premier Asia Pac greenfields project, with all essential pieces coming together Strong balance sheet and liquidity to meet LNG obligations…

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