About Us

Our vision

Oil Search's vision is:

• To be an acknowledged leader in oil and gas exploration and development in developing countries
• To be a top quartile performer on the Australian Stock Exchange among the ASX 200 leaders

One of Oil Search main strategic objectives was achieved in late 2009 with the sanction of the PNG LNG Project. This Project will transform the Company by adding some 18 million barrels of oil equivalent annually to production when it comes onstream in 2014.  Proven and probable reserves of over 505 million barrels of oil equivalent were booked following the Project sanction decision, increasing total reserves seven-fold.  With the PNG LNG Project now in full execution mode, the Company's key priorties are:

• To assist the PNG LNG Operator, ExxonMobil, in delivering the PNG LNG Project on time and on budget, by developing facilities in the oil fields to contribute gas to the Project and handle liquids exports, and by influencing landowner and government relationships.
• Together with its partners, to develop additional LNG trains utilising gas from within the development licences already committed to the PNG LNG Project and/or from existing and potential gas fields in licences outside the Project.
• To optimise the value of the producing PNG oil fields and maximise the synergy benefits between the oil fields and the PNG LNG Project
• To create value through exploration in PNG and the Middle East. 

Oil Search delivered an annualised total shareholder return (share price appreciation plus dividends) for the five years to December 2009 of 29.5%.  This made Oil Search the top ranking TSR performer out of the ASX 100 over this period (based on the composition of the ASX 100 at the beginning of 2004.  Much of this perfromance reflected the sanction of the PNG LNG Project.  The Company's challenge is to continue to generate top quartile returns now that the PNG LNG Project is in construction yet first cash flows are still some years away.  Oil Search believes that there is a high probability that sufficient reserves will be proven up to underwrite the development of one or more additional LNG trains.   Together with an increasing value for PNG LNG as cash flows get closer, further LNG train developpment will add signifcantly to the Company's value.