Oil Search was established in Papua New Guinea (PNG) and operates all of the country’s producing oil ﬁelds. The company also holds a 29% interest in the producing PNG LNG project and is pursuing major LNG growth opportunities in partnership with ExxonMobil and Total. The company holds resources in Alaska with initial estimates in excess of 500 mmbbl with further potential upsides.
Established in 1929, the company has a market capitalisation of around US$10 billion and the Independent State of PNG is the largest shareholder, with 196.6 million shares. It is also the largest company and employer of the country.
Oil Search is publicly listed on the Australian and Port Moresby Stock Exchanges (OSH) and trades in the US through the ADR market (OISHY). It has exploration activities in Yemen, the Kurdistan region of Iraq, and Tunisia. In PNG it has a significant gas exploration upside. It also has a 29% interest in the world-scale $19 billion PNG LNG Project, operated by ExxonMobil, which commenced production in 2014. The world-class LNG facility project has consistently operated above nameplate capacity, producing at an annualized rate of 8.6 MTPA in the ﬁrst half of 2019. It has also pursued major LNG growth opportunities in PNG with partnerships with ExxonMobil and Total. In 2018, oil/condensate production totaled to approx. 13800 bpd. The PNG LNG project is expected to produce over 9 TCF of gas and 200 million barrels of associated liquids over its 30+ year life.
Oil Search believes that it has the potential to continue to achieve top quartile performance for at least the next five years. The strategies being pursued to achieve this growth include optimising the value of the oil and gas operations through the pursuit of near-field production opportunities, rigorous cost control and new developments; maximising the value from the PNG LNG Project, by supporting the operator, ExxonMobil, particularly in the management of in-country issues; promoting an early decision on a third LNG train based on existing PNG LNG Project fields and nearby structures; and accumulating gas resources outside existing PNG LNG Project fields, to support a standalone LNG project. Mubadala has a 13% stake in the company.
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