Pegler Hattersley Australia Pty Ltd

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Description

Oil Search Limited is an oil and gas exploration and development company that has been operating in Papua New Guinea since 1929. Most of the Company’s assets are located in PNG, where it holds an extensive spread of oil and gas production and exploration licences. The Company’s main asset is its 29% interest in the PNG LNG Project, a world-scale liquefied natural gas (LNG) development operated by ExxonMobil PNG Limited. The Project commenced production of LNG in April 2014 and delivered its first cargo of LNG in May 2014, ahead of schedule. This was an historic milestone for the PNG LNG Project co-venture partners and for the Government and people of PNG.
In addition to the PNG LNG Project, Oil Search has interests in, and operates all of, PNGs currently producing oil fields. Since taking over operatorship of these mature fields in 2003, Oil Search has been highly successful in mitigating the production decline rate and adding to reserves through an active development programme. Approximately 20% of PNG LNG Project gas is sourced from the Oil Search-operated oil fields. The Company is involved in a range of exploration and appraisal activities in PNG, primarily aimed at aggregating additional gas reserves, to underpin a potential expansion of the PNG LNG Project as well as further LNG development in PNG.
Oil Search also has exploration interests in the Middle East and North Africa, focused on oil opportunities that offer the potential for significant growth and value upside. In October 2014, as part of its 2014 Strategic Review, Oil Search announced a new business strategy and refreshed Company vision: To generate top quartile returns for shareholders through excellence in socially responsible oil and gas exploration and production. This is underpinned by six key strategies, outlined in the Strategic Focus section. Back to top.

Keywords: Pipes, Fittings, Metals
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