Peter Botten

Responsible sustainable development critical: OSL

Oil Search Managing Director, Peter Botten, made this forecast whilst advocating major new infrastructure must be developed in a responsible and sustainable way.

Speaking at the PNG Petroleum and Energy Summit in Port Moresby, Botten said the global LNG market is highly competitive with other major new projects already moving to final investment decision.

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.

Botten awarded

The award was announced as part of Saturday’s Australia Day Honors.

Botten has previously been awarded Commander of the British Empire award for services to the community, mining and petroleum industries in PNG.

In a statement Company Chairman, Rick Lee, congratulated Botten saying the award is recognition of his heartfelt and longstanding commitment to building corporate-community relationships in PNG.

“Botten’s leadership is held in very high regard for making a difference in PNG – not only from an industry level but at a very personal level too.

Progress on Papua LNG agreement

Oil Search Managing Director, Peter Botten, said progress has been made on finalising the detailed agreement based on the structure established in the MoU.

The MoU provides the framework for key terms and conditions to be included within the Papua LNG Project Gas Agreement, including the tax rates and Domestic Market Obligation that will apply.

Botten said this in the company’s fourth quarter report for 2018.

NiuPower Plant 80pc complete

This was revealed following a site visit by NiuPower Joint Venture owners Kumul Petroleum Holdings Limited and Oil Search limited.

Deputy Prime Minister, Charles Abel, was also on the tour.

NiuPower Project Director, Michael Krause, said the project is 80% complete and will handed over early next year.

“The plant will be handed over to NiuPpwer’s ownership in the first quarter of next year and then be available to provide reliable low cost, clean energy, to the grid for the Port Moresby business sector and the public,” he said.

Over K790m in trust: OSL

Oil Search Limited Managing Director, Peter Botten, says they have made significant progress on resolving outstanding issues related to the identification and verification of landowner beneficiaries from the PNG LNG Project.

Botten said in the company’s 2018 quarter 3 Report, nearly all licences are either receiving or close to receiving benefits.

He added work is continuing to complete identification and verification.

“Of the 15 licences covering PNG LNG Project areas, 13 licences are either receiving or close to receiving benefits,” he said.

OSL records over K1 billion Q3 Revenue

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:

Over K260m profit for first half of 2018: OSL

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.”

LNG, PetroChina deal

In a statement on July 20th, Oil Search Limited Managing Director, Peter Botten, said the mid-term LNG SPA with PetroChina International (Hong Kong) Corporation Limited (PCI) is for a supply of approximately 0.45 million tons of  per annum (MTPA) of LNG over a three-year period.

This SPA takes the total contracted volumes from the Project to 7.0 MTPA, with 6.6 MT of PNG LNG's annual output already committed under long-term contracts to JERA, Osaka Gas, Sinopec and CPC.

Full production restoration a priority

He said this during the company’s 2018 Annual General Meeting in Port Moresby yesterday.

Botten also highlighted their focus on the expansion opportunities and new developments, address benefit distribution issues and a major drilling program in Alaska.

Botten said following the devastating earthquake in February, they are well on track to restore full production of its operations.

Currently, he says they are at around 80 percent of oil production capacity.