OIL SEARCH LIMITED Creating value for Stakeholders 1
Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Operates all of PNGs producing oil and gas fields. Current gross production 35,500 boepd, net share 19,700 boepd At end 2010, proven reserves were 337 mmboe, proven and…
Sustained Top Quartile Performance 9.00 Share price OSH has delivered an (rebased to OSH) annualised TSR of 15% over 8.00 last five years Oil Search Performance driven by 7.00 delivery of FID on PNG LNG, strong underlying oil…
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…
Safety is our Top Priority Total Recordable Injury Frequency Rate (TRIFR) of 1.96 in 2010. Good relative to peers but room for improvement 2009 2010 Fletcher Building CSR CSR Brambles Hastie Group OZ Minerals James Hardie…
Key Oil and Gas Fields, PNG 100km PNG LNG Project Pnyang Madang Gas Resources Hides Juha North Conditioning Plant Wabag Non PNG LNG Hides Gas Resources Juha Huria Exploration Mt. Hagan Proposed Angore Gas Resources 6S Juha…
PNG LNG Project 6.6 MTPA, 2 train development, operated by ExxonMobil Over its 30-year life, PNG LNG expected to produce over 9 tcf of gas and 200+ million barrels of associated liquids Four-year construction period. First LNG sales in…
PNG LNG Project Fully contracted to Asian buyers, with continuing strong market interest Buyers: Sinopec (China) 2.0 MTPA TEPCO (Japan) 1.8 MTPA Osaka Gas (Japan) 1.5 MTPA CPC (Taiwan) 1.2 MTPA 10
PNG LNG Project Main EPC contractors: LNG Plant : Chiyoda/JGC Offshore Pipeline : Saipem Hides Gas Plant : CBI/Clough Onshore Pipeline : Spiecapag Infrastructure : McConnell Dowell/CCC Early Works : Clough/Curtain Associated Gas…
PNG LNG Plant Site, Port Moresby 2010 Activities : Early construction activities including accommodation camp, road bypass 2011 Activities : Procurement, earthworks, foundations (first foundation poured end March)…
Kopi Shore Base and Onshore/Offshore Pipelines 2010 Activities: Construction of Kopi wharf Commencement of delivery of pipe to Kopi 2011 Activities : Continued procurement and mobilisation of onshore/offshore pipe Route…
PNG LNG Upstream 2010 Activities: Opening supply routes Early construction activities in Highlands including clearing, road and bridge upgrades Earthworks at Hides plant site and Komo airfield 2011 Activities : HGCP and Komo…
Associated Gas (AG) Project 2010 Activities: Planning activities for AG work and PL Extension Project 2011 Activities : Commencement of construction 15
Training Facilities 2010 Activities: Construction of training facilities at POM Tech in Port Moresby (operational) and Juni 2011 Planned Activities : Complete Juni training facility 16
2011 PNG LNG Project Focus Areas Ramp up of logistics and resourcing Onshore pipeline installation terrain, multiple work fronts Continued work with project area communities Efficient use of landowner companies to deliver…
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 Contractor mobilisation First Gas from Start Hides plant…
Expansion Activities 19
Strong Asian LNG Markets Outlook MMTPA 300 Other Malaysia 250 Singapore Thailand 200 China Chile Mexico West 150 India Taiwan 100 South Korea 50 Japan 0 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Source:…
PNG Gas Growth Hubs Pnyang 100km PNG LNG Project Gas Resources Oil Search pursuing two- Juha North Hides Conditioning Plant Non PNG LNG pronged LNG expansion Hides Huria Gas Resources Exploration strategy Juha 6S Angore…
PNG LNG Expansion Pnyang 100km PNG LNG Project Gas Resources PNG LNG co-venturers working Juha North Non PNG LNG Gas Resources constructively to implement Hides Juha Huria Exploration Gas Resources resource maturation…
Gulf Area LNG Oil Search believes Gulf Area has PPL260 PPL339 Gobe best potential for finding significant new gas accumulations 338 339 339 7S Over past year, OSH has: 338 Elk/Antelope 338 Secured broad licence…
Gulf of Papua 3D Seismic - First results 8S Flinders Prospect 9S OSH 3D seismic survey 2010/11 3D seismic results delivered 50km 144E 145E 146E 147E 24
Seismic expression of Flinders Sand - Regional view 3D seismic outline Flinders Prospect Koki Prospect Map view of Flinders level horizon slice 25
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…
Kokomo Prospect Reservoir Lower Channel L Amplitude H 6 km Map view of horizon slice 27
Kokomo Channel Complex Sequoia Field Kokomo Prospect Nile Delta Egypt Gulf of Papua Geological Model & Seismic Cross Section Seismic Cross Section 250 m 2.00 2.25 28
Seismic Expression of Flinders Sand 3D seismic available now 3D seismic available August Pasca Discovery Koki Prospect Flinders Prospect Flinders Level Pasca-SW Koki Prospect 2D seismic line over Flinders and Koki…
Operations Review 30
2011/12 Development / Appraisal Drilling Activity PPL260 Despite maturity, PNG oil fields Hides continue to be solid performers PDL PRL 8 11 Angore 2011 production will be impacted 6S PRL 11 by: PDL6 PDL5 PDL7 PDL8 Mananda 5…
Near Field Exploration and Appraisal 143E 20km Major review undertaken as part of Strategic Review Very high historical MORAN success rate, with excellent returns MANANDA & achieved SE MANANDA 26 near field appraisal and…
Mananda 5 Discovery and Conceptual Development Oil and gas discovered in four zones at Mananda 5 in PPL 219 (OSH 71.25%, JX Nippon 28.75%) Mananda 5 well now suspended and assessment of conceptual development options is underway…
Oil Search Production Outlook Net Production (mmboe) MENA 10 Hides GTE SE Mananda 8.60 SE Gobe 8.12 Gobe Main 8 7.66 Moran Kutubu 6.2-6.7 6 4 2 0 2008 2009 2010 2011 2012 2013 Forecast (excluding Mananda 5) 34
MENA Exploration Tajerouine + Le Kef K42 & Shakal Tunis Office - Recently completed 600km 2D - Completed 200km of 2D in - 2 commitment wells by 2Q 2012 K42 and 50km of 2D in Shakal - Discussions underway to convert K42 seismic…
Focus on Sustainability In light of increasing value of PNG assets going forward, OSH seeking to further enhance its focus on managing PNG sustainability issues (traditionally an area of strength) New Sustainability Group has been…
Oil Search supports many social programmes 37
Summary Fully focused on delivery of major Strategic Initiatives: PNG LNG Project delivery underway: Commencing construction at PNG LNG plant site, HGCP and Komo Associated gas and life extension projects Focus on management of…
2011 Guidance Summary Production outlook Oil and gas production: 6.2 6.7 mmboe Similar performance in 2012 and 2013 Operating costs ex corporate costs US16-18/boe Higher than 2010, due to lower production volumes, increased workover…
Liquidity Outlook Liquidity (cash plus USm undrawn bank debt) 0 2011 2014 US1.23 billion in cash at end March 2011. US290 million available from term revolving facility, nil drawn down, resulting in liquidity of US1.5…
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