OIL SEARCH LIMITED 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 boepd At December 2010, proven…
Oil Search Locations 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 Pnyang…
OSH Strategies to Create Value Optimise current oil and gas production: Through improved efficiencies and pursuit of near field opportunities Maximise value of PNG LNG Project (T1 & T2): By utilising in-country knowledge to assist…
World Class Safety Performance Total Recordable Injury Frequency Rate of 1.47 in 1H11 12 10.6 10.7 9.8 10 Australian Companies (APPEA) TRI / 1,000,000 Hours 9.4 9.1 9.3 8 7.8 8.2 7.3 6.8 6.0 7.0 6.3 5.7 6.0 6 5.8…
Treasury Update - 30 June 2011 US1.23 billion in cash at end June Cash invested and actively managed with highly rated bank counterparties US275.5 million available from term revolving facility, nil drawn down. Facility doesnt…
PNG LNG Project Overview Hides Wabag Juha Wells Facility EPC4 Hides Gas Conditioning Mt. Hagan 6S Plant Kundiawa C1 HGCP Mendi Goroka EPC5B Komo Kutubu CPF Airfield Gobe PF Lae 7S C1 South LEGEND complete Oil Field…
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 2H 2011 Community engagement and downtime management Working with new Government to ensure continued alignment and delivery of obligations Wellpad and Hides spine road development First stage of Associated Gas…
PNG LNG Project Onshore Pipeline Construction Kopi Scraper Station Completed Mubi River crossing Pipeline stringing, onshore pipeline 17 PNG LNG Project Onshore Pipeline Construction First weld Pipe Welding Pipe…
PNG LNG Project Hides Conditioning Plant - Pioneer camp construction Drilling Rig 702 - Ribbon cutting ceremony, Houston Texas 19 PNG LNG Plant Site July 2011 February 2011 20
PNG LNG Plant Construction Process pipe rack construction Marine jetty piling 21 Gas Growth and Exploration Key strategic priority for Oil Search is to grow gas business in PNG Pursuing two pronged strategy: PNG…
Drilling Programme Embarking on one of the largest drilling programmes ever undertaken, starting 4Q11 continuing through 2012, into 2013 Multi-TCF risked potential for gas and several hundred millions of barrels of oil potential…
PNG LNG Expansion Pnyang PPL260 Madang Hides Wabag LEGEND PRL3 PPL260 Oil Field Juha PDL9 PDL8 PRL11 Trapia PPL239 PDL1 Mt. Hagan Gas Field 6S Hides Gas Conditioning PlantPRL02 PDL6 APPL250 Angore APPL249 Kundiawa…
PNG LNG Expansion Pnyang (PRL 3) ExxonMobil 49%, Oil Search 38.5%, JX Holdings 12.5% Appraisal well scheduled for 4Q11 Targeting southern fault block Aim is to move 3C to 2C and increase 1C resource Potential 2C of 2 tcf 100km…
Gulf Area LNG Opportunity Multi-licence, multi play type, multi PPL260 PPL339 Gobe well opportunity being developed 338 339 Large, modern 3D seismic dataset 339 7S acquired to unlock potential of Gulf 338 Elk/Antelope…
Analogue Comparison Kokomo Prospect - Gulf of Papua vs. Sequoia Field - Nile Delta Channel Sands 6 km Kokomo Prospect Gulf of Papua, PNG Oil Search High Amplitude Anomalies Sequoia Field Sediment flow-direction Nile…
Kurdistan - Taza PSC PSC signed after Jambur Oil Field exercising Option Agreement Kor Mor Oil Search entry as Gas Field Operator in extremely active Kurdistan Region of Iraq Taza Very prospective Prospect location adjacent to three…
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 6.2-6.7 5 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 35 2011…
Near Field Exploration Detailed review of near field exploration potential in and around existing producing fields as part of 2010 strategic review More than 25 opportunities currently identified Potential: 125 mmboe net (approximately…
2H11 Drilling Activity Hedinia Forelimb ST2 ST3 Agogo ST1 Forelimb Hedinia 10 targeted ADT2 lookalike forelimb structure under producing Hedinia field within Kutubu. Well found thin oil column in Toro reservoir,…
2H11 Focus Areas Maintain OSHs industry-leading safety performance in high activity environment Strong commitment to cost effectiveness PNG LNG Project commitments driving operational developments: Deliver the Associated Gas…
PNG Operating Environment PNG has built enviable investment record of fiscal stability in resources sector over past 15 years Unprecedented investment now taking place in oil, gas and mining, encouraged by attractive fiscal policy and…
Managing Operating Risk Oil Search has increased its focus on managing in- country issues Seen as key way to mitigate operating risk Expanded Sustainability Group is focusing on: Government/regulatory Promoting transparency Sovereign…
Appendix 47 2011 Full Year Guidance Summary Production: 6.2 6.7 mmboe Similar performance in 2012 and 2013, subject to success in planned work programmes Operating costs US19 - 21/boe (incl corporate costs) Impacted by:…
2011 Capital Outlook Update USm 1H 11 2H 11 2011 Investing : Exploration inc gas growth 54 110-130 160-180 PNG LNG 595 600-800 1,200-1,400 Production 57 70-90 130-150 Corporate (inc rigs) 3 7 10 Financing : Dividends 0* 0*…
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