Oil Search

Concept on LNG expansion expected

Oil Search revealed in its half year results report, that discussions between them, ExxonMobil, operator of both the PNG LNG Project and P’nyang, and Total SA, operator of Elk-Antelope, are ongoing.

The report states that an aligned view on the proposed coordinated development concept to the Government, will enable fiscal discussions to commence, prior to Front End Engineering Design (FEED) entry.

“Engagement remains focused on evaluating the various integrated development options for the Elk Antelope and P’nyang gas resources.

Oil Search approves interim dividend

This follows the company’s first half year announcement of a 405 per cent net after tax profit of US$129.1 million which is a 405 per cent increase from the same period in 2016.

The dividend is a 300 per cent increase in interim dividend from 2016.

Oil Search says this represents a dividend payout ratio of 47%, which is towards the upper end of the range of the Board’s dividend policy to return between 35% and 50% of core net profit after tax to shareholders by way of dividend.


Oil Search records 405% profit

This also surpasses the full year core profit by 21 per cent.

In its announcement of its 2017 Half Year, Oil Search said the results reflected higher sales revenue and lower costs.

The PNG company said sales revenue increased by 16 per cent to US$676.2 million (K2,028,194,361), underpinned by materially higher average realized oil/condensate and LNG/gas prices, which increased by 28% and 26%, respectively.

First ever PNG female rugby team sponsored

Oil Search was announced this week as the naming rights sponsor for the inaugural Oil Search PNG Orchids – the women’s team to participate in the annual PNG Prime Minister’s XIII against Australia next month and also in the 2017 Women’s Rugby League World Cup.

Speaking during the launch, Oil Search Managing Director Peter Botten said Oil Search is a proud advocate of women’s empowerment and strongly supports the campaign to end violence against women, through the company as well as the Oil Search Foundation.

​OSL responds to ‘Food Basket Appeal’

These were the words of Benard Ayieko, General Manager of the Cheshire disAbility Services, when Oil Search employees in Port Moresby paid his staff a visit with cartons of donated food and detergents worth nearly K3,000. 

Stabilization work begins for APEC Haus

Minister for Sports, National Events and APEC, Justin Tkatcnehnko visited the APEC Haus construction site on Friday and announced the start of piling work.

Piling involves the drilling and simultaneous placement of concrete to ensure stability.

CPB Contractors Project Engineer, Denmark Gimisive, says the piling work is an additional foundation to stabilize the area for the construction work to begin.

OSL aims for interest in ExxonMobil licenses

In a statement, Oil Search Limited announced that it has entered in an arrangement for the acquisition of a 30 percent interest in PPL’s 474, 475, 476, 477  and PRL 39.

The licenses were acquired by ExxonMobil when it completed its purchase and takeover of InterOil early this year.

As part of the proposed farm-in arrangements, Oil Search will undertake a seismic acquisition program over the licenses over the remainder of 2017 and into early 2018, on behalf of the operator, ExxonMobil.

Oil Search excited with prospects

Managing Director Peter Botten said during the company’s annual general meeting in Port Moresby recently that the Muruk Well and its follow up is part of their 2017 program and beyond.

He said the company will soon go into testing the Muruk as well as into other prospects north-west of the Angore and Hides gas fields.

LNG production to increase, oil to slump

Speaking during the company’s 2017 Annual General Meeting recently, Botten revealed how LNG production is expected to increase.

These, he says follows the announcement of increases in OSH’s PNG LNG Project reserves last year with ‘Proved (1P)’  reserves up by 50 per cent while ‘Proved plus Probable (2P)’ reserves increased by 12 per cent.

So far in quarter one of 2017 a production of 8.3 metric tonnes per annum (MTPA), which is 20% above nameplate, was recorded.

Meanwhile, oil production is expected to drop this year according to the CEO.

PNGEITI hails oil and gas companies

In a statement, PNGEITI Head of Secretariat, Lucas Alkan, said “Such disclosure by leaders in Oil and Gas companies in the country goes to show that they are investing with the true spirit of transparency and accountability and this is what EITI is all about.”

During Oil Search’s 2017 Annual General Meeting, Managing Director, Peter Botten, announced that according to their data, they have only tapped into 40 per cent of Oil and gas resources.

Botten revealed that an untapped oil reserve of seven billion barrels remained.