Oil Search Celebrates 10th Anniversary

This week Oil Search Limited marked its 10th anniversary as operator oPNG’s oil fields.


The milestone was marked on Thursday, exactly 10 years onthe day when it took over operatorship from Chevron Niugini.

There were lots of fireworks atthe Airways Hotel on Thursday night. Many ofthe guests were fromthe oil & gas sector, stakeholders and business arms.


Since taking over from Chevron Niugini on October 17th 2003, Oil Search has grown to becomethe 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 thatthey could extensively, safely and appropriately operatethe business.


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


ThPNG government is Oil Search’s largest shareholder.


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


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


Mr. Betten saidthe first LNG sales will transform Oil Search into a significant LNG exporting company; quadrupling its production base inthe first full year of operation.


This, Mr. Betten said combined with continued production fromthPNG fields and exploration upside, gives Oil Search many reasons to celebrate.

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