Oil Search

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Civmec Limited
TypeDual-listed public company
ASX: OSH
IndustryPetroleum
Founded1929
Headquarters
Port Morseby
,
Papua New Guinea
Key people
Richard Lee (Chairman)
Kieran Wulff (Managing Director)
ServicesOil & gas exploration
RevenueUS$ 1.1 billion (2020)
(US$ 175 million) (2020)
(US$ 321 million) (2020)
Websitewww.oilsearch.com

Oil Search is the largest oil and gas exploration and development company incorporated in Papua New Guinea, which operates all of Papua New Guinea's oilfields.

History[]

Oil Search was founded in 1929.[1] It is now one of Papua New Guinea's largest companies, and in 2006 was responsible for 13% of Papua New Guinea's gross domestic product.[2] It is publicly listed on the Port Moresby and Australian Stock Exchanges.[2] It has a market capitalization of around US$12 billion.

A 17.6% interest in the company is held by the Government of Papua New Guinea,[2] aThe company also operates areas in Yemen, Egypt, Libya, and the Kurdistan region of Iraq.[2] In May 2014, ExxonMobil shipped the first cargo of liquefied natural gas (LNG) from the US$19 billion PNG LNG Project, in which Oil Search owns a 29% interest.[3]

In 2021, Oil Search agree terms with Santos to merge with Oil Search shareholders to take a 38.5% shareholding in Santos. The merger is subject to shareholder and regulatory approval.[4][5]

References[]

  1. ^ History Oil Search
  2. ^ Jump up to: a b c d Profile at official site
  3. ^ http://www.lngindustry.com/news/liquefaction/articles/First_cargo_from_PNG_LNG_655.aspx#.U84_V4BdXGJ
  4. ^ Santos and Oil Search combine to create a regional champion of scale with a diversified portfolio of long-life and low-cost oil and gas assets Oil Search 10 September 2021
  5. ^ Santos, Oil Search agree to merge despite scrutiny in Papua New Guinea Reuters 10 September 2021

External links[]


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