Oil Search Limited is an oil and gas exploration and development company which was established in Papua New Guinea (PNG) in 1929.
Most of the Company’s assets are located in PNG, where it holds an extensive spread of oil and gas production and exploration licences.
The Company’s main asset is its 29% interest in the 6.9MTPA PNG LNG Project, a world-scale liquefied natural gas (LNG) development operated by ExxonMobil PNG Limited. The Project commenced production of LNG in April 2014, ahead of schedule, and reached nameplate capacity in July 2014, just three months after first production. PNG LNG has transformed Oil Search into a regionally significant oil and gas producer with a long-term LNG revenue stream. The Project has also had a major positive impact on PNG, materially increasing export revenues for the country and providing a new income stream for the Government and the people of PNG.
Offshore, the Company has exploration interests in the Middle East and North Africa, where it is focused on the pursuit of material, high-returning international liquids opportunities that offer the potential for significant growth and value upside.
Production
Total production in 2017 was 30.3 million barrels of oil equivalent (mmboe), the highest in the Company’s history. This result was driven by an excellent performance from the PNG LNG Project, with gross LNG production reaching 8.3 million tonnes (MT), 5% higher than in 2016 and 20% above nameplate capacity. Including liquids, the PNG LNG Project contributed 24.4 mmboe net to Oil Search, comprising 81% of total production.
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