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Macquarie Australia Conference Presentation – Oil Search Limited

Oil Search Limited · May 4, 2016 · 17 slides

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Slides

  1. Macquarie Australia Conference Presentation – Oil Search Limited – slide 1
  2. Macquarie Australia Conference Presentation – Oil Search Limited – slide 2
    Strong performance in challenging environment ? Strong production from high quality, low cost quality assets with low sustaining capital requirements: ? PNG LNG Project performing well above expectations ? OSH generating positive cash…
  3. Macquarie Australia Conference Presentation – Oil Search Limited – slide 3
    PNG LNG Project ? performing well above expectations ? Annualised production in 1Q16 at record rate of 8.0 MTPA (16% above nameplate): ? 28 LNG cargoes sold in 1Q16, 24 long term, four spot, with LT contracts now at plateau. Eight…
  4. Macquarie Australia Conference Presentation – Oil Search Limited – slide 4
    5 0 10 15 20 25 30 2012 2013 2014 2015 2016F Net Production (mmboe)1,2 PNG LNG (T1 + T2) Hides GTE SE Mananda Gobe Moran Kutubu 19.27 27.5 ? 29.5 22 - 23 5.7 ? 6.2 29.25 3 2016 Production Outlook 4 1 LNG sales…
  5. Macquarie Australia Conference Presentation – Oil Search Limited – slide 5
    Potential value upside from accelerating gas supply from OSH-operated AG fields to PNG LNG ? Significant value opportunity identified from accelerating gas blowdown of OSH-operated Associated Gas (AG) fields to PNG LNG ? Potential…
  6. Macquarie Australia Conference Presentation – Oil Search Limited – slide 6
    Gas growth to drive value Macquarie Conference, Australia - May 2016 6 6 ? Gas commercialisation activities in Highlands and Gulf Province made significant progress in 2015: ? PNG LNG Project: production optimisation,…
  7. Macquarie Australia Conference Presentation – Oil Search Limited – slide 7
    Potential PNG LNG expansion, underpinned by P?nyang and existing gas fields ? Potential PNG LNG Project expansion includes: ? High-value production optimisation/debottlenecking: ? ~ 1+ MTPA above nameplate already achieved ?…
  8. Macquarie Australia Conference Presentation – Oil Search Limited – slide 8
    Papua LNG ? potential next LNG development in PNG ? Positive appraisal results from Ant 4, 5 and 6. Potential for resource increase from OSH?s current booking of 5.3 tcf, with further appraisal well, Antelope 7, under consideration…
  9. Macquarie Australia Conference Presentation – Oil Search Limited – slide 9
    LNG industry: Undergoing fundamental change ? Current oversupply through commissioning of major projects in Australia, US ? Gas prices globally have normalised, Asian spot LNG now trading in US$4-5/mmBtu range ? More globally…
  10. Macquarie Australia Conference Presentation – Oil Search Limited – slide 10
    LNG projects from PNG competitive versus Australian and global alternatives (WoodMac) ? PNG LNG well placed compared to recently commissioned Australian projects. Production optimisation adding material value, debottlenecking can…
  11. Macquarie Australia Conference Presentation – Oil Search Limited – slide 11
    Maximising value of next phase of LNG development in PNG ? Low oil price provides impetus to maximise value of PNG LNG Project expansion and proposed Papua LNG Project through cooperation and integration ? Co-location of LNG plant…
  12. Macquarie Australia Conference Presentation – Oil Search Limited – slide 12
    Maximising value of next phase of LNG development in PNG ? Low oil price provides impetus to maximise value of PNG LNG Project expansion and proposed Papua LNG Project through cooperation and integration ? Co-location of LNG plant…
  13. Macquarie Australia Conference Presentation – Oil Search Limited – slide 13
    ? Focus in 2016 is on resource confirmation and definition of development plans: ? Timing is right to consider how projects can work together ? Strong case for more cooperation, where it makes sense for all parties. Includes potential…
  14. Macquarie Australia Conference Presentation – Oil Search Limited – slide 14
    ? Exploration approach in 2016 is to reduce costs, focus on core areas and build long-term growth options: ? Renegotiation of drilling, seismic contract rates ? Fit-for-purpose approach ? Stronger cooperation with operating partners…
  15. Macquarie Australia Conference Presentation – Oil Search Limited – slide 15
    15 Muruk 1 (PPL 402): High potential exploration ? Muruk 1 targeted to spud in 4Q16: ? Operated by OSH in co-venture with ExxonMobil ? Rig site preparation delayed due to bad weather, revised spud date aligned to coincide with dry…
  16. Macquarie Australia Conference Presentation – Oil Search Limited – slide 16
    Helping preserve stable operating environment in PNG ? Operating and political stability essential for long-term sustainability ? Landowner and community expectations have not changed with oil price fall ? Budget stresses and impacts…
  17. Macquarie Australia Conference Presentation – Oil Search Limited – slide 17
    Summary ?Strong production, with excellent performance from PNG LNG Project ?Robust cash flows with low breakeven ?Steady progress on potential PNG LNG Project expansion and Papua LNG Project. Both globally competitive and…

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