Oil Search Limited

KPHL now has four Petroleum Retention Licenses (PRL), containing a total estimate reserve of 2 trillion cubic feet of dry gas.

In April of this year, it was announced that the Government made the decision to award PRL 48, 49 and 50 covering Kimu, Barikewa and Uramu gas fields to KPHL. The three are gas fields with estimated reserves of 233 billion cubic feet (BCF) of gas, 299 BCF and 274 BCF respectively.

The three PRLs were formerly held under Oil Search Limited, which naturally expired in October 2020. Pandora (PRL47) was formerly held by Talisman which expired in 2018.

The orders issued by the Securities Commission of Papua New Guinea follow alleged breaches of the PNG Capital Market Act.

In a statement issued on Wednesday, Oil Search says it will legally challenge the orders.

According to Oil Search, the company had obtained valid approvals for its recent capital raise, completed on 28 May 2020, from the Executive Chairman of the Securities Commission of PNG.

However, the Acting Chairman of the Securities Commission of PNG issued orders including that trading of Oil Search shares on PNGX be suspended from 2 June 2020.

PNGRFL Chairman Sandis Tsaka said Oil Search Ltd were the inaugural sponsors of the women’s National Rugby League team when it was launched in 2017 for the Prime Minister’s VIII game against Australian Jillaroos in Port Moresby and the Women’s Rugby League World Cup series in Sydney.

He said the renewal of this partnership is timely as the team prepares to play Fiji in the Pacific Test Invitational this month, in Sydney.

This is despite the February earthquake which suspended operations for two months.

The company revealed this in its 4^th Quarter Report for 2018.

In the report for 2018, Oil Search recorded a total revenue for the 2018 fourth quarter at US$503.1 million (K1.6 billion), 6 percent higher than the previous quarter.

This reflected a 5 percent increase in hydrocarbon sales and stronger realised LNG and gas prices (up 5 percent), partly offset by lower realised oil and condensate prices (down 15 percent).

Oseia was selected ahead of eight other contestants from industrial, mining and petroleum companies to claim the honour of becoming the top apprentice at the annual National Trade Testing Board (NATTB) end of year awards.

From Milne Bay Province, 27-year-old Oseia won the internal Oil Search Apprentice of the Year after her project, ‘Gas Dehydration’, was judged as the winning project and was selected to represent Oil Search at the national title.

A new public-private partnership between the Government of Papua New Guinea’s Climate Change and Development Authority, Oil Search Limited and U.S. Ambassador to Papua New Guinea, Solomon Islands and Vanuatu, Catherine Ebert-Gray, was formalised recently.

The goal of this partnership is to assess the impact of climatic changes and to establish programs to create a more resilient future for Papua New Guineans.

Managing Director Peter Botten said this in the company’s 2018 third quarter report.

He said Oil Search’s equity marketing team continued to engage with LNG buyers in key Asian markets, especially on the net phase in the PNG development.

The company had announced in the quarter two mid-term LNG sale and purchase agreements signed between Oil Search and two major companies.

Managing Director, Peter Botten, announced this in the company’s third quarter report for 2018.

The record is a result of increased production; higher LNG, gas and liquids sales and higher realized LNG and gas prices

Highlights from the quarter covering production and sales include:

Oil Search Limited reported a net profit after tax for the first half of the year, at US$79 million; that over K260 million.

Managing Director Peter Botten said the half year results was credible achievement considering the challenges of the February earthquake in the vicinity of the company operations in the Highlands region.

“The first results were the most challenging in Oil Search operation history because of the earthquake. Given that US$79.2 million profit was made in the first half represents credible achievement.”

In its exploration and appraisal drilling update for June 2018, OSL says the objective is to constrain the resource in the field and assist in selecting the optimal commercialization pathway.

OSL says the Barikewa 3 appraisal well follows the successful Kimu 2 appraisal well in PRL 8 Forelands.

The Kimu 2 Well reached a total depth in late May 2018 and proved up an extension of the Kimu gas reservoir.