Oil Search

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.

Cooperation will save energy partners billions

Speaking at the Inaugural PNG Petroleum and Energy Summit, Oil Search Managing Director, Peter Botten, says the joint venture partners should be looking at cost synergies and optimising spending through reduced wasteful duplication of infrastructure.

He said this will offer the best capital and operational expenditure savings.

Oil Search announces record oil and gas production in 2016

Releasing the company’s full year results for 2016, Managing Director Peter Botten said the strong results were achieved on the back of an excellent performance from the PNG LNG project.

“The increase was driven by an excellent performance from the PNG LNG Project, which produced at an average rate of 7.9 million tonnes per annum (MTPA) during the year, compared to nameplate capacity of 6.9 MTPA.’’