|2020 FULL YEAR GUIDANCE1|
Date issued21 April 2020
|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|
|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|
|PNG||25 - 35|
|Alaska||110 - 130|
|Total development expenditure||135 - 165|
|Exploration and evaluation|
|PNG||70 - 80|
|Alaska||150 - 170|
|Total exploration and evaluation expenditure||220 - 250|
|Other plant and equipment||25 - 35|
|Power||5 - 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.