Oil Search

105pc rise in profit: OSL

In its 2019 half year results report, OSL said this was a strong result, underscored by an excellent performance from the PNG LNG Project, which produced at an annualised rate of 8.6 MTPA for the first half of 2019, despite a two-week partial shut-in for scheduled maintenance.

“Total revenue increased 39.3 percent to US$776.9 million, driven by higher hydrocarbon sales volumes and an 8 percent increase in realised LNG and gas prices, partly offset by 9 percent lower realised oil and condensate prices.


Oil Search maintains it pays tax

“I like to believe that PNG governments in the past and present have had quite a significant input into what Oil Search is today and without that support, Oil Search shares will still be pegging along the same track as Santos and many of the companies operating in the country,” Marape said at Oil Search’s 90-year anniversary gala dinner event in Port Moresby.

“I want to pay my respects to the landowners of the entire areas in which Oil Search has operated since 1929, some of them here tonight, me included.

A local boy’s dream…

There are pigs, cassowaries and dogs, no cars but dugout canoes on the lake, with people fishing and traveling to the nearest village, and the constant sound of the crash of the breakers from the lake.

This is Harabiyu village located near Lake Kutubu, Southern Highlands of Papua New Guinea. It is also the focus of the Kutubu oil project, PNG’s first commercial oil field development.

Oil was first discovered here in 1986 with commercial production in June 1992.

Meri asples abrusim dai

Lucy John i gat tripela pikinini na em i bilong Wabo ples long Galp Provins.

Dispela snek we i kaikai dispela meri em i snek i gat poisin long kilim man hariap. Man bilong Lucy, Iksy John, i bin hariap long karim meri bilong em long bot long nait yet i go long Oil Search Seismic Bes Kemp olsem 40 kilomita longwe.

Tupela marit i kam bungim Dokta Robert Imambu bilong Oil Search na ol medikal tim i hariap long putim entivenom infusen na was long em long nait.

Snake bite victim saved through heroic efforts

Lucy John, mother of three, is from the village of Wabo in the lowlands of Gulf Province. This lowland region is home to the death adder – a highly venomous snake.

Mrs John and her husband were completing their day’s tasks when she was bitten.Her husband, Iksy John, knew her life was in grave danger and that an antivenom dose was the only way to save her. He also knew that the antivenom could be found at the Oil Search seismic base camp, located on the river bank some 40km away.  

Rebuilding continues after 2018 earthquake

The school was one of several in Southern Highlands and Hela provinces that were severely affected by the 7.5 magnitude earthquake a year ago this month, which caused major destruction to houses, food gardens and infrastructure.

For Kutubu Secondary School, the process of rebuilding is well underway with the near completion of a new mess block with the timely support of Oil Search. The mess is essential to operate the boarding facility.

OSL’s first female production supervisor

As a fully trained Oil Search process technician, Bart is now the company’s first female Production Supervisor and maybe even the country’s.

Bart ensures day to day operations of OSL’s Hides maintenance and production team under her care is executed safely and effectively.

“And it’s not because I am a woman that I have been trained to do certain things but it is because I am a woman that I can do all this and more,” she said.


Negotiations on LNG sales continue

Oil Search Managing Director, Peter Botten, said these negotiations are expected to be completed in the first quarter of 2019 and will increase the total sales under contract from PNG LNG to 7.9 MTPA.

He said the Oil Search equity marketing team continued its engagement with potential buyers for offtake from their share of LNG from the proposed Papua LNG Project.

OSL enters into US$300m credit facilities

The credit facilities aim to support the company’s growth opportunities in both its PNG and Alaska assets.

The banks include the Commonwealth Bank of Australia (CBA), Mizuho Bank Limited (Mizuho) and Sumitomo Mitsui Banking Corporation Sydney Branch (SMBC).

The new facilities each have a five-year term and will expire in December 2023. They replace two US$125 million bilateral facilities that were due to expire in December 2018.

Basic LNG framework agreed to: PM

Following the signing of the Memorandum of Understanding between the State and Total and its partners, ExxonMobil and Oil Search, the Prime Minister said they are happy with the current framework.