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OIL SEARCH CELEBRATES 10TH ANNIVERSARY

Staff Reporter | 10:24 PM | ||
This week Oil Search Limited marked its 10th anniversary as operator of PNG’s oil fields.

The milestone was marked on Thursday, exactly 10 years on the day when it took over operatorship from Chevron Niugini.
There were lots of fireworks at the Airways Hotel on Thursday night. Many of the guests were from the oil & gas sector, stakeholders and business arms.

Since taking over from Chevron Niugini on October 17th 2003, Oil Search has grown to become the country’s largest oil and gas producer.

Oil Search bought Chevron out and had to do a lot of work to demonstrate to joint venture partners that they could extensively, safely and appropriately operate the business.

With a current market capitalization of about K29 billion, Oil Search is also the biggest public company listed on the Port Moresby Stock Exchange.

The PNG government is Oil Search’s largest shareholder.

Since 2003, Oil Search has invested K21.6 billion in the local oil and gas industry, including a further K2.9 billion on developing and maintaining its oil fields.

The company’s biggest growth asset is its 29 percent interest in the PNG LNG Project operated by Esso Highlands.

Mr. Botten said the first LNG sales will transform Oil Search into a significant LNG exporting company; quadrupling its production base in the first full year of operation.

This, Mr. Botten said combined with continued production from the PNG fields and exploration upside, gives Oil Search many reasons to celebrate.

EMTV