Oil Search

Oil Search highlights 3rd quarter production results

Managing Director Peter Botten said this when releasing the third quarter results to the market on Tuesday, January 24, 2017.

Here are some of the highlights for the quarter as announced  on Tuesday as follows;

• Production in the fourth quarter of 2016 was 7.72 million barrels of oil equivalent (mmboe). The strong performance during the quarter took 2016 full year production to 30.24 mmboe, 3% higher than production in 2015 and marginally above the top of the 2016 guidance range, as well as being an all-time record for the Company.

Only 40% of oil and gas found

From the discovery, only 15 per cent has been produced while 25 per cent is yet to be commercialized.

PNG Chamber of Mines and Petroleum President, Gerea Aopi, said according to Oil Search Limited, 60 per cent of PNG’s oil and gas potential is undiscovered.

However, more exploration was needed to discover potential oil and gas reserves and required heavy investment.

Oil Search says no to violence against women

Staff and their families took part in a march in downtown Port Moresby to help spread the message to end all forms of violence against women.

They were joined by members of the current PNG Pukpuks squad and the coach of the PNG U-20 women’s soccer team, Lisa Cole.

From November 25 through  to December 10, Human Rights Day, the 16 Days of Activism against Gender-Based Violence aim to raise public awareness and mobilising people everywhere to bring about change.

Oil Search records positive production

In a media release, Oil Search states that this recording is 6% higher than in the second quarter and only 1% lower than its all time record level of 7.72 mmboe in the first quarter of 2016.

Managing Director, Peter Botten, says the third quarter of 2016 was another very strong period for Oil Search operationally.

Botten in 100 top CEOs

This is the second year in a row that Botten has been named on the prestigious list.

Despite dropping 27 places from 72 to 99 on the list, Botten is among some of the best CEOs to deliver this year despite slow economic growth due to lower commodity prices.

The Harvard Business Review website states that against this bleak backdrop, it’s heartening to see a group of business leaders compiling track records that allow them to stick around and implement long-term strategies.

Fight against cancer taken to Papa and Lealea in Hiri West District

Working in partnership with ExxonMobil PNG, the Foundation conducted free cancer screening and awareness at the London Missionary Society (LMS) Church on Papa village today.

The program’s primary focus in the two villages was on cancer awareness and prevention of which free mouth and breast cancer screening was given today for the people of Papa village.

Awareness of cervical and breast cancer is also being carried out through a series of workshops while the screening is going on.

Abau district to get brand new K18 million hospital

This will be constructed under the government’s tax credit scheme at a cost of K18 million.

The construction of the hospital will be project managed by Oil Search, working in partnership with the government to deliver this vital service.

In a statement, Oil Search said: “Construction work on the new hospital, at Kupiano, commenced immediately after the ground breaking ceremony earlier this month. It is scheduled for completion late next year”.

Togolo joins Oil Search as Director

Togolo replaces Bart Philemon as a director of the company whose retirement becomes effective from Sept 30, 2016.

Oil Search chairman Rick Lee acknowledged the valuable contribution Philemon has provided to the Board of Oil Search since his appointment as a Director in November 2012 and welcomed Togolo onboard.

Lee said Togolo brings a wealth of knowledge on PNG from a distinguished career spanning senior roles in industry and government, not only in Papua New Guinea but also in Australia and the Solomon Islands.

205 LNG cargoes sold as of June 2016

Oil Search Managing Director Peter Botten said during the first half of 2016, 53 LNG cargoes were sold, comprising 45 sold under long-term contracts and eight sold on the spot market.

“Six of the eight spot cargoes were sold to customers in Japan, reflecting the desirability of PNG LNG’s high heating value gas to Japanese consumers.

“16 cargoes of Kutubu Blend and five naphtha cargoes were also sold during the half.”

He said despite the maturity of Oil Search’s oil fields, total operated production was 4% higher than in the first half of 2015.

Oil Search’s future tied to PNG: Botten

“Oil Search have been operating in PNG since 1929, it is right now PNG’s largest company and single biggest investor, we build our company in the last 24 years by consistent re-investment of our production revenue in Papua New Guinea and by doing so outperformed many of our Australasian oil and gas peer group in terms of production growth, in terms of total shareholders returns and most importantly safety performance,” Botten said.