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UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited

Oil Search Limited · Mar 3, 2010 · 24 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. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 1
  2. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 2
    Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Operates all of PNGs producing oil and gas fields. Current gross production 40,000 boepd, net share 21,000 boepd As operator, responsible for generating 22% of PNGs…
  3. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 3
    2009 Performance Summary Highlight of 2009 was PNG LNG Project development decision: Less than two years from FEED to Sanction Transformational impact on Oil Search and PNG ExxonMobil quality operator Foundation for major LNG…
  4. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 4
    Outstanding Safety Performance Total Recordable Incidents (TRIs) of 1.16 in 2009 14 12.7 12 10.6 10.7 TRI / 1,000,000 Hours 9.8 10 Australian Companies (APPEA) 9.4 9.3 8.5 9.1 8 7.8 8.2 7.0 7.3 6.3 6.8 6.0 5.7 6…
  5. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 5
    Future Value Growth Driven by :- PNG LNG Delivery Project optimisation Further LNG Train Development Reserve growth and Exploration Success Comprehensive programmes to deliver value through to PNG LNG first gas 9 PNG…
  6. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 6
    PNG LNG Project World class Project Aligned joint venture ExxonMobil Operator excellent track record Supportive Government and communities Provides infrastructure for future growth Transformational for Oil Search and PNG…
  7. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 7
    PNG LNG Project the road to sanction December 2009 Completed LBSAs Signed 3 SPAs with TEPCO, Osaka Gas and Sinopec Development approval 8 December 2009 EPC contracts awarded 9 December 2009 Financing documents signed 15 December…
  8. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 8
    PNG LNG Project Operator ExxonMobil has excellent record of delivering projects on time, on budget First phase CAPEX, including FEED and early works - US15 billion Contracts: LNG Plant: Chiyoda/JGC Offshore Pipeline Saipem Hides…
  9. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 9
    PNG LNG ranking (Macquarie Equities) Industry observers rank PNG LNG highly on returns 35 30 25 20 % 15 10 5 0 Ichthys T1/T2 Browse Pluto T1 Sunrise Gorgon GLNG T2 APLNG T1/T2 Poseidon…
  10. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 10
    PNG Gas Growth Key strategic priority for Oil Search is to grow gas business in PNG LNG remains optimum commercialisation route for additional gas PNG LNG will provide infrastructure and capacity to facilitate expansion and…
  11. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 11
    PNG Attracting Growing Interest Talisman Equity Participation Sasol & Interoil Equity Participation Juha Juha Hides & Angore Hides & Angore 6S 6S Kutubu & Agogo Kutubu & Agogo Gobe Gobe 8S 8S 80km 80km Port Port…
  12. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 12
    PNG Gas Growth - Resource Full regional exploration review conducted during 2009 Focus areas for Oil Search are: Foldbelt/Highlands: Adjacent to PNG LNG upstream infrastructure Large structures, moderate risk, high OSH equity 2010…
  13. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 13
    PNG LNG Resource Offshore 3D survey 4,700 km2 of 3D seismic to be acquired in 2010 largest in PNG history 4,700 km2 3D 25 Gas Growth - Partnering Having aligned Joint Venture with required skills and relationships is…
  14. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 14
    Operations 27 Oil Search Production Net Production (mmboe) 14 MENA Hides GTE 12.17 SEM 12 SE Gobe 11.05 Gobe Main 10.21 Moran 10 9.76 Kutubu 8.60 8.12 8 7.2-7.4 6 4 2 0 2004 2005 2006 2007 2008 2009…
  15. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 15
    2009 Production Performance Excellent safety performance 12,000 Production impact of recent drilling at Usano Production: 10,000 8.12 mmboe, demonstrated strong UDT 10,12 underlying performance in all fields 8,000 Oil Rate…
  16. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 16
    ADT 2 Opens up new play SW NE mTVD 7 ADT 2 Well Results: 2200 1,100 metre+ proven height Hang ingwa 4 fault Hedinia Sand ll Over compartments 2400 t ur ne Forel d im b Digimu in fault Tested Zone compartment 1 has Toro B/C…
  17. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 17
    Reserves & Resources 31 December 2009 Six-fold increase in proven (1P) reserves, from 50 mmboe at end 2008 to 344 mmboe: PNG LNG Project reserve booking of 301 mmboe 2009 production of 8.1 mmboe Oil reserve additions at Kutubu,…
  18. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 18
    Exploration Outlook PNG: Exploration for gas key to driving LNG expansion Additional oil focused exploration in 2010: Wasuma (25 mmbbl mean, currently drilling in PPL 219) Mananda Attic (30 mmbbl mean in PPL 219, plus gas play)…
  19. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 19
    MENA 2010 Exploration Activity Summary Le Kef Taj. + Le Kef 600km Shakal 60km K42 Tajerouine Shakal Area 18 K42 200km Dubai Office Well Types Commitment Al Measher (20.0%) 20 mmstb Future Commitment Discretionary…
  20. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 20
    Outlook and Summary Oil Search core business in excellent shape to drive further value growth over next 3 years PNG LNG Project Sanctioned ExxonMobil quality operator for delivery Contractors mobilising, construction started…
  21. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 21
    Significant LNG Reserve Booking Potential Oil Search 2009 PNG 2009 PNG Fields Net Reserves & Resources Reserves & Resources (100% License Estimates) 4,000 Millions of Barrels Oil Equiv. (NET) 900 1P/1C 2P/2C 2P/2C…
  22. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 22
    Strong balance sheet OSH has the financial capacity: US1.29 billion in cash at end December US362.5 million available from term revolving facility, nil drawn down Group liquidity US1.65 billion Sanction of PNG LNG Project in…
  23. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 23
    OSH good value on 1P reserves relative to Global Energy Sector Enterprise value (USm) / 1P reserves (mmboe) 40 35 30 25 20 15 10 5 0 Chevron Talisman Santos BP Shell Hess Devon Phillips ENI…
  24. UBS ASIAN INVESTOR BRIEFINGS – Oil Search Limited – slide 24
    Summary Core oil production remains solid. Focus on life extension, reliability and gas conservation A new value equation Measured oil exploration in PNG and MENA Activities underwritten by strong balance sheet and liquidity to meet…

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