As a truly Papua New Guinean company, Oil Search is a PNG specialist and a partner of choice.
Oil Search was established in Papua New Guinea (PNG) in 1929, where it operates all of the country’s producing oil fields, holds an extensive appraisal and exploration portfolio and has a 29% interest in the PNG LNG Project, operated by ExxonMobil PNG Limited. Since coming on-stream in 2014, the PNG LNG Project has consistently performed above its nameplate capacity of 6.9 million tonnes per annum (MTPA), achieving an average rate of 8.3 MTPA in 2017. This world-class liquefied natural gas (LNG) development has transformed Oil Search into a regionally significant oil and gas producer, with a long-term, low cost, high quality LNG revenue stream.
The Company also holds interests in a number of major undeveloped gas fields in PNG, including Elk-Antelope in PRL 15, operated by Total SA, and P’nyang in PRL 3, operated by ExxonMobil. The gas resources in these fields, combined with undedicated reserves in the PNG LNG Project Foundation fields, are sufficient to underpin 8 MTPA of additional, globally competitive, LNG capacity. The Muruk gas discovery located on-trend with Hides and P’nyang in the North-West Highlands provides longer-term production optionality. The Company is also undertaking a range of exploration and appraisal activities to support further LNG expansion in PNG.
In February 2018, Oil Search announced the completion of its acquisition of oil interests in the Alaska North Slope in the United States. The acquisition complements our existing high quality gas assets in PNG and balances our gas dominated portfolio. These assets also provide us with a unique opportunity to participate in a world-class, high-returning, proven oil province, acquired at a compelling price, that can add significant value to our Company.
Oil Search is listed on the Australian and Port Moresby security exchanges (share code: OSH) and its ADRs trade on the US Over the Counter market (share code: OISHY).
Investing in PNG's future
With almost 90 years of in-country experience, Oil Search is the largest company and investor in PNG. With a clear strategy to future growth, we are working closely with joint venture partners, regulators, the PNG Government, landowners and communities to ensure long-term, mutually beneficial outcomes.