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JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited

Oil Search Limited · Jun 21, 2005 · 44 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 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 1
    OIL SEARCH LIMITED Achieving growth in a challenging environment UBS Resources Conference, Sydney, 21 June 2005
  2. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 2
    Strong growth history Oil Search operates in some of the most challenging oil and gas environments in the world Recorded strong growth in production and profitability over past four years Driven by : higher oil production : cost…
  3. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 3
    Coming from a position of strength. Rising production USm US cents and profitability 160 16 Net Profit 140 EPS 150.5 14 13.5 120 12 100 10 80 7.7 8 60 6 5.0 4.5 40 85.7 4 1.4 47 20 33.1 2 12.1 0 0 2000 2001 2002…
  4. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 4
    Share Price Performance 400 Delivered top quartile shareholder returns of 81% in 2004. Share price up 55% in 2005 YTD. 350 OSH ELECTED ASSUMPTION OF 300 OPERATOR OF OPERATORSHIP Relative Performance Index PNG OIL FIELDS &…
  5. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 5
    and an outstanding safety performance 4.0 3.5 3.4 3.1 LTI / 1,000,000 Hours 3.0 2.6 2.6 2.6 2.5 2.5 2.1 2.2 2.2 2.1 2.0 1.9 1.5 1.2 1.1 1.2 1.2 1.0 0.7 0.5 0.4 0.3 0.2 0 1998 1999 2000 2001 2002 2003…
  6. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 6
    Our Operating Environment
  7. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 7
    Our Operating Environment
  8. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 8
    Our Operating Environment
  9. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 9
    Our Operating Environment
  10. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 10
    Our Operating Environment
  11. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 11
    Our Operating Environment
  12. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 12
    Our Operating Environment
  13. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 13
    Growth Strategy Further optimisation of PNG oil production New field developments in PNG and Yemen Gas commercialisation : PNG Gas Project Liquids cycling Methanol / CNG Exploration in PNG and Middle East
  14. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 14
    Oil Field Optimisation
  15. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 15
    PNG Licences
  16. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 16
    PNG Oil Field Optimisation Despite largely mature asset base, over the past two years, Oil Search has: Added 10,000 bopd to Kutubu, 5,000 to 8,000 bopd to Moran and over 3,000 bopd to Gobe fields production levels through new…
  17. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 17
    Kutubu Improvement Reservoir History Plot - Kutubu including Agogo 50,000 Before Oil Search After 45,000 40,000 35,000 30,000 Rate (bopd) 25,000 20,000 Oil Search has added 15,000 10,000 bopd to Kutubu…
  18. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 18
    Kutubu Simulation Model Simulation and drilling have developed new production and reserves
  19. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 19
    Recent Production History PNG Gross Monthly Oil Rate 100,000 Average Monthly Oil Rate (stbopd) 90,000 Current production 80,000 levels of over 52,000 bopd are the highest in 70,000 over 3 years SE Gobe 60,000 50,000 Gobe…
  20. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 20
    New Field Development
  21. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 21
    SE Mananda Development Moran SE Mananda Agogo Processing Facility Field was discovered in 1991, deemed uncommercial by previous operator Oil Search developed innovative plan to bring SEM into production and negotiated…
  22. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 22
    SE Mananda Development Hegigio Gorge Bridge Site Hegigio Bridge North construction Abutment underway Facilities and pipeline construction South underway Abutment Spud first well July 2005 (subject to weather) First oil 4Q 2005
  23. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 23
    Nabrajah Field, Block 43, Yemen Nabrajah field discovered in early 2004 Following successful appraisal programme of shallower Qishn sandstone, development activity commenced in late 2004 Nabrajah-5 appraisal well discovered oil…
  24. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 24
    Nabrajah Field Basement/Kohlan Nabrajah-5 has confirmed oil in the Fractured Basement and Kohlan Formation carbonates Basement well test data from N-2 well (gas) and N-5 (oil) wells imply they are in pressure communication with no…
  25. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 25
    Nabrajah Field Basement/Kohlan Closure in this area Possible is unconstrained by 600 m oil column mapping 250 m oil column Nabrajah 2 Nabrajah 5
  26. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 26
    Nabrajah Field Nab5 Nab1 Nab4 Nab6 (projected) SE NW Qishn OWC HARSHIYAT FM. 1554m SRD QISHN CARB. QISHN SST. Basement GWC 2025m SRD Kohlan ODT SAAR CARB. 2224m SRD KHOLAN DOLOMITE Nab5 TD 2568m SRD BASEMENT…
  27. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 27
    Nabrajah Nearby Basement Fields KHARIR FIELD Block 10 producing 30,000bopd: 80% comes from the Basement (4 wells) Kharir Sunah Recent KH A210 well flowed 7,000 bopd; 500m oil column Depth of deepest open fractures has not yet been…
  28. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 28
    PNG Production Outlook PNG production is expected to grow in 2005 and 2006 reflecting: Continued mitigation of Kutubu and Gobe decline rates through improved reservoir management, well work, drilling activity Rising production from…
  29. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 29
    PNG Production Outlook Costs remain under control: Pre-ordering of line pipe for SE Mananda and NW Moran development and many consumables Drilling cost reductions through utilisation of OSH- owned Rig 2 and new contracting…
  30. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 30
    Production Outlook Oil Search production forecast (mmboe) 25.0 20.0 15.0 PNG Gas Project New Developments 10.0 Existing Fields 5.0 0.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Existing fields include…
  31. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 31
    Gas Commercialisation
  32. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 32
    Discovered Resources - The Platform for Growth Oil Search has 4.88 tcf of discovered proven and probable gas resources approximately one third committed to PNG Gas Project Major resources in - Hides - Kutubu / Moran / Gobe -…
  33. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 33
    PNG Gas Project - scope PNG Upstream: Conversion of existing Kutubu Juha oil fields to gas production and Hides development of Hides gas field Stripping of condensate from gas stream, exported with Moran existing crude Integration…
  34. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 34
    PNG Gas Project - scope Planned Pipeline route, but subject to change PNG Australian pipeline: Hides Kutubu Gobe Port Moresby 2,400 km dry gas Australian Torres Strait Existing pipeline system Cape York Marine Oil…
  35. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 35
    FEED decision has started the clock: Project participants are committed to completing FEED by end 2005 and making an investment decision in mid-2006 APC FEED expected to complete in similar timeframe to upstream participants Key…
  36. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 36
    A Change in the East coast Market Dynamics Change in basic supply scenarios must take place over next 5 years Cooper Basin phase out, reserves and cost pressures Demand growth : Major resource projects : Gas fired generation…
  37. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 37
    Clear need for gas in Eastern Australia Wood Mackenzie analysis suggests even with PNG, Coal Bed Methane & Yet-to-Find (YTF) gas there is a clear need for new sources of gas supply to meet demand Eastern Australia - Supply & Demand…
  38. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 38
    Clear need for gas in Eastern Australia Eastern Australia - Supply & Demand Base Case (ACIL) 1200 1000 Oil Search Additional Supply 800 Origin Estimates Available Contracts 600 New 400 Contracts Existing 200…
  39. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 39
    Other Gas Commercialisation Options Petrochemical plant in Port Moresby ITA signed with Mitsubishi Gas Chemical/Itochu to sell 86 PJ pa gas to petrochemical plant in Port Moresby MGC/ITCs detailed feasibility studies well advanced…
  40. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 40
    Exploration
  41. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 41
    PNG Exploration Major seismic programme to mature prospects for drilling Drilling activity currently focused on pursuing development opportunities given the high oil price environment Exploration prospects - Mananda Attic (100 mmbbl) -…
  42. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 42
    Middle East / North Africa In addition to Block 43 drilling, two well exploration programme in Block 15, offshore Yemen (Oil Search- operated) will commence in late 2005 Major review of new significant oil trend in basement Linked to…
  43. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 43
    Summary Oil Search is confident that strategy will continue to deliver growth Growing oil production base, with three new developments (NW Moran, SE Mananda & Nabrajah) commencing production in 2005 Improved profitability through value…
  44. JUNE 2005 UBS RESOURCES CONFERENCE – Oil Search Limited – slide 44

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