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2016 UBS Australasia Conference – Oil Search Limited

Oil Search Limited · Nov 14, 2016 · 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. 2016 UBS Australasia Conference – Oil Search Limited – slide 1
  2. 2016 UBS Australasia Conference – Oil Search Limited – slide 2
    Oil Search PNG interests UBS Australasia Conference - November 2016 PNG LNG Project Gas Fields PNG LNG Project Facilities Non PNG LNG Gas/Oil Fields Oil Field Gas Field Oil Pipeline Gas Pipeline Oil Facility Gas Facility OSH…
  3. 2016 UBS Australasia Conference – Oil Search Limited – slide 3
    Well positioned for future growth ? Strong production base from high quality, low cost assets with low sustaining capital requirements: ? Trending towards upper end of 2016 production guidance of 28 ? 30 mmboe ? Generating positive…
  4. 2016 UBS Australasia Conference – Oil Search Limited – slide 4
    Core strategies have delivered long term share price stability in volatile market UBS Australasia Conference - November 2016 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 2010 2011 2012 2013 2014 2015 2016 Rebased to OSH Share…
  5. 2016 UBS Australasia Conference – Oil Search Limited – slide 5
    PNG LNG Project continues to produce well above nameplate ? Annualised production in 3Q16 of ~8.1 MTPA, compared to nameplate capacity of 6.9 MTPA ? 80 LNG cargoes delivered during 2016 to date, comprising 68 sold under long term…
  6. 2016 UBS Australasia Conference – Oil Search Limited – slide 6
    2016 Production Outlook ? 2016 production expected to be at upper end of 28 ? 30 mmboe guidance range: ? Production from OSH-operated oil fields, Hides GTE and SEG sales to PNG LNG: 6.3 ? 6.7 mmboe ? PNG LNG Project: 95 ? 98 bcf LNG,…
  7. 2016 UBS Australasia Conference – Oil Search Limited – slide 7
    Delivering OSH?s gas strategy: two new LNG trains in PNG with further expansion upside ? Monetising discovered resources: ? Antelope certification plus P?nyang resource has confirmed combined gas resource of >6 tcf of proven…
  8. 2016 UBS Australasia Conference – Oil Search Limited – slide 8
    Commercial models to deliver project integration UBS Australasia Conference - November 2016 ? OSH expects project integration could involve: ? Two new ~4 MTPA trains constructed together at existing PNG LNG site, operated by…
  9. 2016 UBS Australasia Conference – Oil Search Limited – slide 9
    Potential capex savings of US$2-3 bn and opex savings of US$125m pa (OSH estimate) through infrastructure sharing 10 Construction of spur instead of new jetty & sharing of shipping channel Infrastructure (laydown, roads, camps,…
  10. 2016 UBS Australasia Conference – Oil Search Limited – slide 10
    Significant LNG supply gap from early 2020s UBS Australasia Conference - November 2016 ? Current market - excess LNG supply vs demand, ~100MTPA of new supply under construction ? However, significant number of LNG projects expected…
  11. 2016 UBS Australasia Conference – Oil Search Limited – slide 11
    Material LNG demand growth in quality Asian markets UBS Australasia Conference - November 2016 ? Regional market in Asia anticipated to grow by >100 MTPA by 2030 ? In addition, >80 MTPA of existing NE Asia LNG contracts expire next…
  12. 2016 UBS Australasia Conference – Oil Search Limited – slide 12
    Material LNG demand growth in quality Asian markets UBS Australasia Conference - November 2016 ? Regional market in Asia anticipated to grow by >100 MTPA by 2030 ? In addition, >80 MTPA of existing NE Asia LNG contracts expire next…
  13. 2016 UBS Australasia Conference – Oil Search Limited – slide 13
    Potential for material upside in, and adjacent to, Elk-Antelope in PRL 15 ? Further gas upside for potential additional expansion train from Antelope 7, Antelope Deep and Antelope South: ? Antelope 7 spudded early November, to test…
  14. 2016 UBS Australasia Conference – Oil Search Limited – slide 14
    Significant gas upside potential from near term drilling at Muruk 1 (PPL 402) and in PRL 3 ? Muruk 1 spudded early November (OSH 50%): ? Operated by OSH in co-venture with ExxonMobil ? High-impact well targeting multi-tcf potential…
  15. 2016 UBS Australasia Conference – Oil Search Limited – slide 15
    ? Three onshore Gulf wells will test 2-3 tcf* mean prospective resources: ? On trend with Elk-Antelope field ? Prospective under-explored Miocene play ? Seismically defined, supported by gravity ? PRL 15 (OSH 22.8%): ? Antelope Deep…
  16. 2016 UBS Australasia Conference – Oil Search Limited – slide 16
    Strategy refresh ? Comprehensive analysis of strategy and value potential given: ? Continued low resource prices ? ExxonMobil entry to Papua LNG ? Drive for improved efficiencies ? Major Projects: ? Optimising oil production,…
  17. 2016 UBS Australasia Conference – Oil Search Limited – slide 17
    Committed to helping preserve a stable operating environment ? Long-standing commitment to social responsibility and sustainable development: ? Fundamental to maintaining stable operating environment ? Helps forge strong relationships…
  18. 2016 UBS Australasia Conference – Oil Search Limited – slide 18
    Summary ? Downstream integration of Papua LNG and PNG LNG projects de-risked by ExxonMobil?s bid for InterOil: ? Total and ExxonMobil have expressed willingness to work together to develop optimal outcomes for LNG development ?…
  19. 2016 UBS Australasia Conference – Oil Search Limited – slide 19
    Appendix: 2016 3Q results highlights ? Total production of 7.63 mmboe ? 6% higher than 2Q16 and only marginally lower than record high in 1Q16: ? 7.63 mmboe (25.9 bcf LNG plus 0.87 mmboe liquids) from PNG LNG Project and 1.69 mmboe…
  20. 2016 UBS Australasia Conference – Oil Search Limited – slide 20
    Appendix: Key metrics 4 4 14 10 1 0 5 10 15 2012 2013 2014 2015 1H 2016 DPS (US cents) 6.4 6.7 19.3 29.3 22.53 0 10 20 30 40 2012 2013 2014 2015 YTD 2016 Production (mmboe) 114 111 98 51 42 -10 40 90 140 2012…
  21. 2016 UBS Australasia Conference – Oil Search Limited – slide 21
    Appendix: 2016 Guidance Summary Production 2016 Guidance Oil Search operated (PNG Oil and Gas) 6.3 ? 6.7 mmboe PNG LNG Project LNG 95 ? 98 bcf Liquids 3.3 ? 3.5 mmbbl Total PNG LNG Project1 22 ? 23 mmboe Total Production1 28 ? 30…
  22. 2016 UBS Australasia Conference – Oil Search Limited – slide 22
    Appendix: 2016 investment spend guidance updated UBS Australasia Conference - November 2016 Revised 2016 capital cost guidance (US$240 ? 275m) ? Exploration & Evaluation: US$165 ? 180m ? Development: US$25 ? 30m ? Production:…
  23. 2016 UBS Australasia Conference – Oil Search Limited – slide 23
    Appendix: Safety improvement plan introduced UBS Australasia Conference - November 2016 0.59 0.49 0.00 0.24 0.00 0.25 0.50 0.75 2013 2014 2015 YTD 2016 Per million hours worked Total Recordable Incident Rate Lost Time Injury…
  24. 2016 UBS Australasia Conference – Oil Search Limited – slide 24

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