Total to Oil Search as at 31 December 20201,2
|Licence / Field|| Total Oil and Condensate3|
| Total Gas4|
| Total Oil and Condensate3|
| Total Gas4|
Proved & Probable (2P)
|PDL 2 - Kutubu||8.3||-||13.7||-|
|PDL 2/5/6 - Moran Unit||4.9||-||8.5||-|
|PDL 4 - Gobe||0.01||-||0.01||-|
|PDL 3/4 - SE Gobe5||-||-||0.02||5.4|
|PDL 1 – Hides GTE7||-||-||-||-|
|Oil fields and Hides GTE reserves||13.2||-||22.2||5.4|
|PNG LNG Project reserves6||34.7||1735.9||38.8||1955.0|
|PNG LNG Project gas, oil and condensate||2.1||142.0|
|Other PNG gas, oil and condensate9||51.5||3,814.4|
|Alaska - Pikka project oil and condensate10||391.5||-|
|Alaska - Other oil and condensate10||102.1||-|
|Total contingent resources||547.2||3,956.4|
1) Numbers may not add due to rounding.
2) Kutubu and Moran oil fields proved Reserves (1P) and proved and probable (2P) Reserves are as certified by independent auditor Netherland, Sewell & Associates, Inc. (NSAI) in 2017. 1P and 2P PNG LNG project Reserves are based on Contingent Resources estimates prepared in 2019 by independent auditor, NSAI. Gobe Main and SE Gobe 1P and 2P Reserves are based on Oil Search 2019 technical estimates. All Reserves estimations use Oil Search’s corporate assumptions to calculate economic limit.
3) Crude oil, and separator and plant condensates.
4) For the PNG LNG project, shrinkage has been applied to raw gas for the field condensate, plant liquids recovery, and fuel and flare.
5) Due to planned well work activities and the renegotiation of pricing with PNG LNG, SE Gobe is now expected to be cash flow positive on a 2P basis in the medium term. These assessments use Oil Search’s 2020 technical estimates and Oil Search’s current corporate economic assumptions and remain based on third party wet gas sales to the PNG LNG project at the Gobe plant outlet at the post-sales agreement field interest of 22.34%.
6) PNG LNG Project Reserves comprise the Kutubu, Moran, Gobe Main, SE Hedinia, Hides, Angore and Juha fields. Minor volumes associated with proposed domestic gas sales have been included as part of PNG LNG reserves.
7) Hides Reserves associated with the GTE Project under existing contract. Due to the issues with the Porgera Mine through 2020 and the continued uncertainty of resumption of operations in 2021, no reserves are booked for Hides GTE. Any gas volumes that were previously to be produced from Hides GTE is now expected be produced by PNG LNG. Production volumes shown in this Reserves report are based on Oil Search’s entitlement in PDL 1 (16.67%).
8) Contingent Resources are quantities of petroleum estimated to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies. There may be a chance that accumulations containing Contingent Resources will not achieve commercial maturity.
9) Other gas, oil and condensate Resources comprise the Company’s other PNG fields including Elk-Antelope, SE Mananda, Juha North, P’nyang, Iehi, Cobra, Flinders, and Muruk and may also include Resources beyond the current economic limit of producing oil and gas fields. These gas Resources may include fuel, flare, and shrinkage depending on the choice of reference point.
10) Alaskan oil and condensate contingent resources comprise the Company’s 51% working interest before royalties in Alaskan assets, incorporating the Nanushuk and satellite reservoirs. All 2C contingent resources are based on contingent resources as certified in 2019 and 2020 by independent auditor, Ryder Scott.
This Reserves and Resources statement is based on, and fairly represents, information and supporting documentation that has been
prepared by, or under the supervision of, one of the qualified petroleum reserves and resources evaluators listed in the table below.
Mark Ireland, a full-time employee of Oil Search Ltd and qualified petroleum reserves and resources evaluator, has consented to publish
this information in the form and context in which it is presented in this statement.
– The evaluation date for these estimates is 31 December 2020.
– All figures presented are net to Oil Search, unless otherwise stated.
– Oil Search’s Reserves and Contingent Resource estimates are prepared in accordance with the 2007 Petroleum Resources Management System (PRMS), sponsored by the Society of Petroleum Engineers (SPE). The previous plan to transition reporting to PRMS2018 in 2020 was deferred, due to the changes in the business environment through 2020. This transition is now planned to coincide with the ASX update of Chapter 5 reporting requirements.
– The following reference points are assumed:
– Oil volumes: include both oil and condensate recovered by lease processing. The reference point is at the outlet of the relevant process facility. Volumes are adjusted to stock-tank using field standard conditions.
– Hides GTE: the custody transfer point at the wellhead
– PNG LNG project: the outlet to the LNG plant
– SE Gobe gas: the outlet to the Gobe facility
– Fuel, flare and shrinkage upstream of the reference points have been excluded.
– Reserves and Contingent Resources are aggregated by arithmetic summation by category and therefore Proved Reserves may be a conservative estimate due to the portfolio effects of arithmetic summation.
– Reserves and Contingent Resources have been estimated using both deterministic and probabilistic methods.