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Oil Search Limited

Company Summary

Description

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.

Website

http://www.oilsearch.com

Operational Regions

  • Asia Pacific
  • North Slope

Recent news

  • 11/1/2021 - Santos & Oil Search... (subscriber access)
  • 8/2/2021 - Santos & Oil Search... (subscriber access)
  • 7/20/2021 - Oil Search Rejects... (subscriber access)
  • 4/23/2021 - Australia's Oil Search... (subscriber access)
  • 2/25/2021 - Oil Search & Partners... (subscriber access)

Investor Presentations

Company Transactions

Date: 12/31/2021
Type: Merger

BUYERS:
  • Oil Search Limited
  • Santos Ltd
    • DETAILS:
    NOTES:
    Santos & Oil Search have agreed to a revised merger proposal, which would see Oil Search shareholders receive 0.6275 shares in new Santos for each Oil Search share held. This would equate to Oil Search shareholders owning 38.5% of the combined business while Santos shareholders own the remaining 61.5%. The deal implies a 16.8% premium to the Oil Search closing price on July 19 and it would create a company with a combined market cap of $15.5 billion.
    REGIONS:
  • Australia
  • International

    • Date: 6/28/2019
    Type: Acquisition

    BUYERS:
  • Oil Search Limited
    • SELLERS:
  • GMT Exploration Company LLC
  • Armstrong Energy Inc.
    • DETAILS:

    COST: 450 $MM

    REGIONS:
  • Alaska

    • Date: 6/28/2019
    Type: Acquisition

    BUYERS:
  • Oil Search Limited
    • SELLERS:
  • GMT Exploration Company LLC
  • Armstrong Energy Inc.
    • DETAILS:

    COST: 450 $MM

    REGIONS:
  • Alaska

    • Date: 5/16/2019
    Type: Acquisition

    BUYERS:
  • Santos Ltd
    • SELLERS:
  • ExxonMobil Corporation
  • JX Nippon Oil & Energy
  • Oil Search Limited
    • DETAILS:

    COST: 187 $MM

    NOTES:
    Santos has acquired a 14.3% stake in the P'yang gas field in Papa New Guinea for $187 million.
    REGIONS:
  • Asia Pacific

    • Date: 2/15/2018
    Type: Acquisition

    BUYERS:
  • Oil Search Limited
    • SELLERS:
  • Armstrong Energy Inc.
  • GMT Exploration Company LLC
    • DETAILS:

    COST: 400 $MM

    NOTES:
    The deal includes a 37.5% interest in the Horseshoe Block on the Alaskan North Slope. They will assume operatorship in March 2018 and a team will be placed in the region in the next six months, followed by potential field development in 2019.
    REGIONS:
  • North Slope