Oil Search Limited
Oil Search was established in Papua New Guinea (PNG) in 1929. More than 98% of its assets are in PNG, where it operates all of the country’s producing oil fields, holds an extensive appraisal and exploration portfolio and has a 29% interest in the PNG LNG Project, operated by ExxonMobil PNG Limited. This world-class liquefied natural gas (LNG) development, which came on-stream in 2014, has transformed Oil Search into a regionally significant oil and gas producer, with a long-term, low cost, high quality LNG revenue stream. The Company also holds a 23% interest in PRL 15, operated by Total SA, which contains the world-class Elk-Antelope gas fields.
Oil Search has a clear strategy to drive future growth. We are pursuing opportunities to develop additional LNG trains in PNG, underpinned by existing discovered gas resources in the NW Highlands, including the P’nyang gas field in PRL 3, and the Elk-Antelope fields in the onshore Gulf Province. Oil Search believes that there is presently sufficient gas to support at least two PNG LNG-sized expansion trains and possibly three trains, contingent on additional appraisal drilling.
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