Guidance

2019 FULL YEAR GUIDANCE1
Date issued 
20 August 2019
Production (mmboe) 
Oil Search-operated 2,3 3.2 - 4.4
PNG LNG Project 2 25 - 26
Total Production 28 - 31
  
Operating Costs 
Production costs 4 (US$ per boe) 11.00 – 12.00
Other operating costs 5 (US$m) 135 - 145
Depreciation and amortisation (US$ per boe) 12.00 – 13.00
  
Capital Costs(US$m)  
Production 95 - 115
Development 110 - 135
Exploration and evaluation 290 - 340
Alaska Option exercise 450
Repsol farm-down (net) (64)
Total exploration and evaluation 6 676 - 726
Other plant and equipment 50 - 60
Power 7 20 - 25
Total 951 - 1,061

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. Guidance includes the total financial impact of earthquake remediation.
5. Includes gas purchase costs, royalties and levies, selling and distribution costs, rig operating costs, power expense and corporate administration costs (including business development), expenditure related to hydrocarbon inventory movements and other expenses.
6. Total exploration and evaluation guidance, excluding Alaska Option exercise and Repsol net transaction proceeds, remains unchanged.
7. Excludes prior year POM Power station costs, which will be recognised as an Investment in Joint Ventures in 2019 upon finalisation of ownership agreement.