Guidance

2020 FULL YEAR GUIDANCE1
Date issued 
21 April 2020
Production 
Oil Search-operated (PNG oil and gas)2,3 (mmboe)3 - 5
  
PNG LNG Project 
LNG (bcf)108 - 110
Power (bcf)1 - 2
Liquids (mmbbl)2.9 - 3.2
Total PLG LNG Project2 (mmboe)24 - 25
  
Total Production (mmboe) 27.5 - 29.5 
  
Operating Costs 
Production costs (US$ per boe) 9.5 - 10.5
Other operating costs4 (US$m) 130 - 150
Depreciation and amortisation5 (US$ per boe) 12 - 13
  
Investment Expenditure (US$m)  
Production expenditure (PNG)55 - 65 
  
Development6  
PNG25 - 35
Alaska110 - 130
Total development expenditure135 - 165
  
Exploration and evaluation  
PNG70 - 80
Alaska150 - 170
Total exploration and evaluation expenditure220 - 250
  
Other plant and equipment 25 - 35 
Power5 - 15 
  
Total 440 - 530

1. Numbers may not add due to rounding.
2. Gas volumes have been converted to barrels of oil equivalent using an Oil Search specific conversion factor of 5,100 scf = 1 boe, which represents a weighted average, based on Oil Search’s reserves portfolio, using the actual calorific value of each gas volume at its point of sale.
3. Includes SE Gobe gas sales exported to the PNG LNG Project (OSH – 22.34%).
4. Includes gas purchase costs, royalties and levies, selling and distribution costs, rig operating costs, power expense, corporate administration costs (including business development), expenditure related to inventory movements and other expenses.
5.Relates to oil and gas assets that are depreciated on a unit of production basis and excludes assets that are depreciated on a straight-line basis (including right-of-use assets capitalised under IFRS 16 Leases).
6. Excludes any capitalised borrowing costs.