OIL SEARCH LIMITED Merrill Lynch 25th Australian Investment Conference (New York & Boston) September 2010 1 Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Operates all of PNGs producing oil and gas…
Oil Search Locations Tunis Sulaymaniyah Tunisia Iraq Dubai Sanaa Yemen Papua New Guinea Kutubu Ridge Camp Port Moresby (Head Office) Australia Brisbane Sydney 3 Oil Search Locations - PNG Pnyang Madang…
PNG LNG Project Construction Activities Planned/Underway 11 2010 PNG LNG Project Activities Work to date has focused on: Opening supply routes (north, south, air bridge) Building/improving roads, bridges, camps, site…
PNG LNG Logistics 13 Highlands Highway Bridge construction 14
PNG LNG Project Training Centre, Port Moresby 17 PNG LNG Project Graduates 18
Proposed LNG Plant Layout Future Expansion 19 Proposed Hides Gas Conditioning Plant and Well Pads 20
Mananda-5 Growth Opportunities 21 PNG Gas Growth Key strategic priority for Oil Search is to grow gas business in PNG, with LNG the optimum commercialisation route PNG LNG will provide infrastructure and capacity to…
PNG Gas Growth Two core development strategies: Train 3 Development PNG LNG Expansion Brown fields development leveraging synergies Underwritten by PNG LNG fields resource base Train 4 Development Utilising discovered gas resource…
Requirements for LNG train growth in PNG PNG LNG Project PPL260 Pnyang tcf Gas Resources 25 PRL03 Juha North Hides Non PNG LNG Gas Forelands Juha Angore & PRL02 PDL1 PRL11 Resources Offshore Huria Resources2 Hides Deep…
Onshore Exploration and Appraisal Huria (PRL 11/PDL 8) ExxonMobil (Op) & Oil Search Seismic recently completed over Huria prospect and Angore Currently being interpreted Targeting drilling decision by year end with potential…
PNG CSG Exploration CSG effort run as small low cost team Three firm wells 4 commencing September Low cost wells, high risk, 1 potentially large prize Preliminary results by end 2010 2 3 6 5 30km 29 PNG Oil…
MENA Exploration Tajerouine + Le Kef K42 & Shakal Tunis Office - Currently shooting 600km 2D - Recently completed 200km of - 2 commitment wells by 2Q 2012 2D in K42 - Currently shooting 50km of 2D in Shakal Dubai Office…
Production Summary Oil Search Net Production (mmboe) 6.0 MENA Hides GTE 5.0 SE Mananda SE Gobe 4.0 Gobe Main Moran Kutubu 3.0 2.0 1.0 0 1H 07 2H 07 1H 08 2H 08 1H 09 2H 09 1H 10 33 1H10 Performance Excellent…
Operational Outlook Following PNG LNG sanction, facilities life (and oil field life) will be extended. Particular focus on oil export system which will also be used for PNG LNG Project condensate storage and export Strong near field…
FY10 Production Outlook 2H10 production expected to be impacted by: ADT2 ST3 off line for further testing of deep zones Potential reduced offtake at Hides GTE due to water shortage at Porgera mine site Natural decline Production…
Strategic Review 39 Strategic Review Major strategic review underway to optimise growth path and prepare for substantial production and revenue growth. Dedicated review team in place Focus areas : PNG oil and gas operations…
Summary PNG LNG T1/2 construction progressing steadily, timing and budget estimates unchanged. Project is in good hands With PNG LNG underway, new OSH strategic objective is LNG expansion: De-risking/appraisal of existing gas…
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