Oil Search

Stabilization work begins for APEC Haus

Minister for Sports, National Events and APEC, Justin Tkatcnehnko visited the APEC Haus construction site on Friday and announced the start of piling work.

Piling involves the drilling and simultaneous placement of concrete to ensure stability.

CPB Contractors Project Engineer, Denmark Gimisive, says the piling work is an additional foundation to stabilize the area for the construction work to begin.

OSL aims for interest in ExxonMobil licenses

In a statement, Oil Search Limited announced that it has entered in an arrangement for the acquisition of a 30 percent interest in PPL’s 474, 475, 476, 477  and PRL 39.

The licenses were acquired by ExxonMobil when it completed its purchase and takeover of InterOil early this year.

As part of the proposed farm-in arrangements, Oil Search will undertake a seismic acquisition program over the licenses over the remainder of 2017 and into early 2018, on behalf of the operator, ExxonMobil.

Oil Search excited with prospects

Managing Director Peter Botten said during the company’s annual general meeting in Port Moresby recently that the Muruk Well and its follow up is part of their 2017 program and beyond.

He said the company will soon go into testing the Muruk as well as into other prospects north-west of the Angore and Hides gas fields.

LNG production to increase, oil to slump

Speaking during the company’s 2017 Annual General Meeting recently, Botten revealed how LNG production is expected to increase.

These, he says follows the announcement of increases in OSH’s PNG LNG Project reserves last year with ‘Proved (1P)’  reserves up by 50 per cent while ‘Proved plus Probable (2P)’ reserves increased by 12 per cent.

So far in quarter one of 2017 a production of 8.3 metric tonnes per annum (MTPA), which is 20% above nameplate, was recorded.

Meanwhile, oil production is expected to drop this year according to the CEO.

PNGEITI hails oil and gas companies

In a statement, PNGEITI Head of Secretariat, Lucas Alkan, said “Such disclosure by leaders in Oil and Gas companies in the country goes to show that they are investing with the true spirit of transparency and accountability and this is what EITI is all about.”

During Oil Search’s 2017 Annual General Meeting, Managing Director, Peter Botten, announced that according to their data, they have only tapped into 40 per cent of Oil and gas resources.

Botten revealed that an untapped oil reserve of seven billion barrels remained.

ssLNG to boost regional power & energy supply

This was announced during the company’s Annual General Meeting in Port Moresby in Friday.

Managing Director, Peter Botten, said there exists the opportunity to commercialise smaller undeveloped gas resources from Gulf, Western and Highlands Provinces through smaller ssLNG which will feed these markets.

Aopi, Togolo, and Constantinou re-elected to Oil Search Board

During the company’s Annual General Meeting in Port Moresby on Friday, the three men were re-elected by a majority of the company’s shareholders.

Aopi joined the Board as an Executive Director on May 18, 2006 and presently holds the position of Executive General Manager Stakeholder Engagement.

He has substantial public service and business experience in Papua New Guinea, having had a long and distinguished career in government, filling a number of important positions, including Secretary for Finance and Planning and Managing Director of Telikom PNG Ltd.

Commercialisation of undeveloped gas key for Oil Search

During the company’s 2017 Annual General Meeting in Port Moresby, the board highlighted the potential to continue to deliver top quartile returns to shareholders underpinned by the commercialisation of both gas fields.

Chairman, Rick Lee, said with the current global oil and gas prices, it was imperative that cooperation between gas resources developers in PNG deliver on the potential returns.

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Toastmasters recognises Oil Search

The company announced this in a media release following a historic visit by TI President, Mike Storkey, who was in Port Moresby recently to recognise the efforts of the local TI club.

Stork presented two corporate trophies one of which was presented to the company for enhancing employee engagement through continuing support of Toastmasters Communication and Leadership Programs.

Oil Search Safety Trainer, Joseph Rangan, is one employee who has benefitted greatly from his involvement with the Toastmasters Club at Iagifu Ridge in Kutubu.

Helping improve PNG’s literacy rate

The company, through its Oil Search Foundation (OSF), will work with the BbP to deliver a second library in Hela Province, having assisted in the development of a first one, and a new library in Kikori, Gulf Province.

The initiative will see library books brought right down to the grassroots level to improve literacy rates.