UBS Asian Investor Briefings

OIL SEARCH LIMITED
UBS Asian
Investor
Briefings
March 2010
1
DISCLAIMER
While every effort is made to provide accurate and complete information, Oil Search
Limited does not warrant that the information in this presentation is free from
errors or omissions or is suitable for its intended use. Subject to any terms implied
by law which cannot be excluded, Oil Search Limited accepts no responsibility for
any loss, damage, cost or expense (whether direct or indirect) incurred by you as a
result of any error, omission or misrepresentation in information in this
presentation. All information in this presentation is subject to change without
notice.
This presentation also contains forward-looking statements which are subject to
particular risks associated with the oil and gas industry. Oil Search Limited believes
there are reasonable grounds for the expectations on which the statements are
based. However actual outcomes could differ materially due to a range of factors
including oil and gas prices, demand for oil, currency fluctuations, drilling results,
field performance, the timing of well work-overs and field development, reserves
depletion, progress on gas commercialisation and fiscal and other government
issues and approvals.
2
Oil Search Profile
¬ Established in Papua New Guinea (PNG) in 1929
¬ Operates all of PNG’s producing oil and gas fields. Current
gross production ~40,000 boepd, net share ~21,000 boepd
¬ As operator, responsible for generating 22% of PNG’s export
revenue and 13% of its GDP in 2008 and is PNG’s largest
investor and taxpayer
¬ PNG Government is largest shareholder with 15%. In early
2009, Govt issued exchangeable bond over shares to IPIC of
Abu Dhabi
¬ 29% interest in PNG LNG Project, world scale LNG project
operated by ExxonMobil. Project sanctioned 8 Dec 2009. First
LNG sales expected in 2014
¬ Significant further gas resources still to be commercialised plus
range of exploration interests in PNG and Middle East/North
Africa
¬ Market capitalisation ~US$6 billion. Listed on ASX (Share Code
OSH) and POMSOX, plus ADR programme (Share Code OISHY)
3
Oil Search Locations
4
2009 Performance
Summary
¬ Highlight of 2009 was PNG LNG Project
development decision:
¬ Less than two years from FEED to Sanction
¬ Transformational impact on Oil Search and PNG
¬ ExxonMobil quality operator
¬ Foundation for major LNG industry in PNG
¬ Seven fold increase in proven and probable
reserves, increasing from 67 mmboe to 567
mmboe, with significant further potential
upside
5
2009 Performance
Summary
¬ NPAT of US$133.7 million, US$99.6m excluding
PNG Government back-in and tax adjustments
¬ Satisfactory result given commodity
environment, with average oil price down 35%
¬ Strong balance sheet with US$1.3 billion cash.
Total liquidity of US$1.6 billion (including line
of credit). Sufficient for both PNG LNG equity
contribution plus funding of T3/T4 gas
exploration/ appraisal programme
¬ Board approved final dividend for 2009 of 2 US
cents, making 4 US cents for the year. Funded
by fully underwritten Dividend Reinvestment
Plan
6
Outstanding Safety
Performance
Total Recordable Incidents (TRIs) of 1.16 in 2009
14
12.7
TRI / 1,000,000 Hours
12
10.6
10
8
8.5
9.4
9.1
Australian
Companies (APPEA)
9.3
8.2
6.0
6
4
10.7
9.8
5.7
2
7.0
7.3
5.8
4.9
International
Companies
(OGP)
7.8
3.9
3.6
Oil Search
5.2
4.7
4.0
3.1
2.4
1.7
6.8
6.3
2.9
2.7
2.31
2.1
2.04
2.05
1.16
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
7
Consistent TSR performance
over 5 years
Relative TSR performance for period ending 31 December, 2009
40
OSH Ranking #
42nd
1st
% TSR per annum
30
3rd
20
10
0
-5
1 Year
ASX 100 Index
3 Year
Median Company
# Ranking based on ASX 100 composition at the beginning of the reference period.
Source: IRESS
8
5 Year
OSH performance
Future Value Growth
¬ Driven by :-
¬ PNG LNG Delivery
¬ Project optimisation
¬ Further LNG Train Development
¬ Reserve growth and
Exploration Success
¬ Comprehensive programmes to deliver
value through to PNG LNG first gas
9
PNG LNG
Project
10
PNG LNG Project
¬ World class Project
¬ Aligned joint venture
¬ ExxonMobil Operator –
¬
¬
¬
excellent track record
Supportive Government
and communities
Provides infrastructure
for future growth
Transformational for Oil
Search and PNG
11
PNG LNG Project
the road to sanction
¬ 2008
¬
¬ Signed JOA, aligning JV partners in March
¬ Signed Gas Agreement with Govt in May
¬ Commenced FEED in May
¬ Commenced marketing discussions late 2008
¬ Developed financing plan
2009
¬ Submitted EIS in January
¬ Signed UBSA in May
¬ Signed HOAs
¬ Commenced early works
¬ EIS approved in October
¬ Completed FEED, LNG plant capacity
increased to 6.6 MTPA
12
PNG LNG Project
the road to sanction
¬ December 2009
¬ Completed LBSAs
¬ Signed 3 SPAs with TEPCO, Osaka Gas and Sinopec
¬ Development approval 8 December 2009
¬ EPC contracts awarded 9 December 2009
¬ Financing documents signed 15 December 2009
¬
¬
with ECAs, Commercial Banks and ExxonMobil for
$14 billion
Government offered and Project accepted all
development licences
Government paid past costs for equity back-in to
new development licences
¬ Major milestones achieved on
schedule, highlights Project quality
13
PNG LNG Project
¬Financial Close expected in 1Q 2010
¬ Approval of final SPA
¬ Minor legislation amendments
¬Construction has commenced (roads,
bridges, camps, site preparation and
training facilities)
¬Targeting first LNG sales 2014
14
PNG LNG Project
¬ Operator ExxonMobil has excellent record of delivering
projects on time, on budget
¬ First phase CAPEX, including FEED and early works US$15 billion
¬ Contracts:
¬ LNG Plant:
¬ Offshore Pipeline
¬ Hides Gas Plant
¬ Onshore Pipeline
¬ Infrastructure
¬ Early Works
¬ Associated Gas (OSH only)
Chiyoda/JGC
Saipem
CBI/Clough JV
Spiecapag
McConnell Dowell/CCC JV
Clough/Curtain JV
Aker Solutions
¬ Mix of fixed price/variable price contracts
¬ Resourcing by contractors underway now
15
Proposed PNG LNG
Future Activities
Continued early works.
Detailed design.
Order long leads and
place purchase orders.
Opening supply routes.
Contractor mobilisation.
Commence AG construction.
2010
Financial
Close
16
AG complete.
Pipe laying
(Kutubu to Omati).
Offshore pipe lay
complete.
Start Hides plant
installation.
2011
Ongoing procurement
and mobilisation.
Airfield construction.
Drilling mobilisation.
Offshore pipeline
construction start.
Onshore line clearing.
Start LNG equipment
installation.
2012
First Gas from
Train 1,
then Train 2
2013
Pipe laying Kutubu
to Hides.
Ongoing drilling.
Complete Hides plant.
Commission LNG plant
with Kutubu gas.
2014
PNG LNG ranking
(Macquarie Equities)
¬ Industry observers rank PNG LNG highly on returns
35
30
25
%
20
15
10
17
Pluto T1
Browse
GLNG T1
Gorgon
Sunrise
Wheatstone
APLNG
T1/T2
Ichthys
GLNG T2
Poseidon
PNG LNG
T1/T2
Pluto T3
PNG LNG T3
0
QatarGas3
5
Source: Australian Energy Sector , Macquarie Equities Research, 12 January 2010
Gas
Growth
18
PNG Gas Growth
¬ Key strategic priority for Oil Search is to grow
gas business in PNG
¬ LNG remains optimum commercialisation route
for additional gas
¬ PNG LNG will provide infrastructure and
capacity to facilitate expansion and provide
excellent cost structure:
¬ Use of capacity in pipeline, jetty, tanks and services
¬ Trained local work force
¬ Government is supportive of future gas growth
¬ Pace of gas growth will be determined by:
¬ Resource aggregation/exploration
¬ Joint Venture alignment
¬ Market access
19
Existing Gas Discoveries
P’nyang
PPL260
Hides/Juha/Angore
PRL03
PDL9
PRL02
PDL1
PDL8
PRL11
PDL6
APPL250
6°S
APPL249
PDL5
PDL7
Kutubu/Agogo/SEM
PPL
233
Elk/Antelope
PPL239
PPL219
PDL2
Gobe/SEG
APRL14
PPL190
PDL4
PDL3
PPL240
PRL08
PRL09
Barikewa
Uramu
PRL10
Distribution of discovered 2P reserve/resource
¬ Significant discovered oil & gas reserves/resources
Kumul
Terminal
in Papuan Basin (predominantly in Fold Belt)
PPL234
¬ Basin is predominantly gas prone
¬ 85% of basin’s resources by boe are gas
PPL244
9°S
Pandora A
142°E
20
50km
PRL01
145°E
PNG Attracting Growing
Interest
Talisman Equity Participation
Sasol & Interoil Equity Participation
Juha
Juha
Hides & Angore
6°S
Hides & Angore
6°S
Kutubu & Agogo
Kutubu & Agogo
Gobe
Gobe
8°S
8°S
80km
80km
142°E
144°E
146°E
Port
Moresby
Oil Search Equity Participation
Hides & Angore
Kutubu & Agogo
Gobe
8°S
80km
Petroleum Licences
CSG Licences
21
144°E
142°E
144°E
146°E
Port
Moresby
¬ PNG transaction value ~US$1.4 billion over
past 18 months, inc NOEX acquisition of AGL
licences
¬ Talisman and Sasol have acquired
significant acreage in Western Forelands &
Interoil has strong position in Eastern
Forelands
¬ OSH strategy focused on enhancing position
in core PNG LNG Foldbelt acreage and Gulf viewed as offering greatest potential for
large gas discoveries
Juha
6°S
142°E
146°E
Port
Moresby
Papuan Basin Major Areas –
OSH assessment
Central Fold Belt
NW Fold Belt
Only proven oil prone area.
Large undrilled surface
anticlines remain
Significant subthrust
potential exists
Low risk on reservoir,
charge and seal
Interior Fold Belt
Numerous oil & gas seeps
indicate a working
hydrocarbon system
Aure Fold Belt
Area is under explored –
Elk indicates significant
potential for carbonate
plays and emerging play
potential
Strickland
A number of undrilled
small low risk prospects
and leads are present.
Key risk is reservoir
effectiveness
Poor quality seismic
8°S
Southern Foreland
A number of risky small
undrilled prospects and
leads remain
Gulf of Papua
Poor quality seismic
A number of prospects and
leads across varied play
fairways
100km
142°E
22
144°E
Prospects can be quickly
de-risked with 3D seismic
PNG Gas Growth - Resource
¬ Full regional exploration review conducted during 2009
¬ Focus areas for Oil Search are:
¬ Foldbelt/Highlands:
− Adjacent to PNG LNG upstream infrastructure
− Large structures, moderate risk, high OSH equity
− 2010 and 2011 activity:
−
−
−
−
Drilling Korka
Barikewa seismic (completed) followed by appraisal drilling
Huria seismic
Mananda drilling
¬ Gulf of Papua:
− Large under-explored areas with diverse licence holdings
− 3D seismic will image subsurface, help high-grade portfolio
− Opportunity to extend 3D survey into nearby licence
− 2010/2011 activity:
− 3D seismic survey
− Drill Flinders
− Appraise Pandora
¬ Foreland and Strickland:
− Maintain watching position
− CBM test in 2010
23
Proposed PNG Gas
Exploration
PPL260
Korka
Huria (PDL 8)
PRL03
PDL9
PRL02
PDL1
Mananda FW
PDL8
PRL11
PDL6
APPL250
6°S
APPL249
PDL5
PDL7
PPL
233
Wasuma Deep (PPL219 & 190)
PPL239
Cecilia West
PPL219
PDL2
APRL14
PPL190
PDL4
PDL3
Mananda Attic
PPL240
PRL08
PRL09
PRL10
Notes
Circle areas
proportional to
reserves potential.
Outer circle unrisked
potential, inner circle
risked potential
Barikewa Deep
PPL234
PPL244
Flinders
Red =Gas,
Orange= Condensate
Green = Oil
9°S
142°E
24
Kumul
Terminal
50km
PRL01
145°E
PNG LNG Resource
Offshore 3D survey
¬4,700 km2 of 3D seismic to be acquired in 2010 – largest
in PNG history
4,700 km2 3D
25
Gas Growth - Partnering
¬ Having aligned Joint Venture with required
skills and relationships is critical to driving
timely gas commercialisation
¬ PNG LNG has ability to expand the unit, with
upside discovered resource
¬ Gas growth in PNG LNG fields is aligned with
existing development
¬ Gas growth in non PNG LNG fields and
exploration licences involves various aligned
JV's
¬ Oil Search considering optimum partnering
strategies in exploration licences to position for
timely gas commercialisation
26
Operations
27
Oil Search Production
14
Net Production (mmboe)
MENA
Hides GTE
12
12.17
SEM
SE Gobe
11.05
Gobe Main
10.21
10
Moran
9.76
Kutubu
8.60
8
8.12
7.2-7.4
6
4
2
0
28
2004
2005
2006
2007
2008
2009
2010
(Forecast)
2009 Production
Performance
¬ 8.12 mmboe, demonstrated strong
¬
¬
¬
underlying performance in all fields
Kutubu production enhanced by new
development wells and workovers
Moran impacted by facility downtime
mid-year, however drilling and
workovers made up for temporary
shortfall
No new wells on Gobe during 2009.
Performance above expectation
¬ PNG field costs:
Production impact of recent drilling at Usano
12,000
10,000
UDT 10,12
Oil Rate (bopd)
¬ Excellent safety performance
¬ Production:
8,000
UDT 8,9
6,000
UDT 11
4,000
UDT 7
2,000
Usano Main Block
Usano East Block
0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
ADD5 well – extension to Agogo Field
¬ Cost control and reduction
initiatives undertaken to offset the
impact of:
− Appreciating A$ & Kina on US
dollar cost base in 2H
− Reduction in drilling activities,
in response to fall in oil price
− 4% reduction in saleable oil
volumes
− Inflationary environment in PNG
29
2009 PNG Drilling
¬ Two new rigs (103 and 104) operating throughout the
year
¬ Significant performance improvements achieved:
¬
¬
¬
¬
Faster drilling rates / lower cost per metre
Rig move time substantially reduced
Lower non productive time
New technology successfully applied
¬ Programme for 2010 based on geographical optimisation
of rigs fleet with flexibility to include 3rd party
programmes
¬ Hydraulic workover unit operating successfully, will
recommence five well programme mid-2010
30
ADT 2 – Opens up new play
SW
NE
mTVD
7”
2200
Hang
ingwa
ll
Over
t ur ne
d
Forel
im b
Hedinia Sand
2400
Tested Zone
Toro B/C
Fault Compartment 1
2600
Fault Compartment 2
2800
Digimu
Toro A
ST1
5”
ST2
3000
Fault Compartment 3
Proven Oil
Alene
3200
(pressures)
ST3
Probable Oil
(logs)
Fault Compartment 4
Possible Oil
ADT 2 Well Results:
¬ 1,100 metre+
proven height
¬ 4 fault
compartments
¬ Digimu in fault
compartment 1 has
proven oil
¬ No pressure data
in fault
compartments 2, 3,
4 though Toro had
elevated gas and
resistivities
¬ Multi-zone
completion
installed
¬ Production testing
underway, 2,000
bopd from first
zone (FC1)
3400
31
Oil development drilling
continues to add value
PNG Oil Fields - Ultimate Recoverable Reserves (pre-LNG)
Millions of Barrels
560
540
1P
2P
520
500
480
460
440
2003
2004
2005
2006
2007
2008
2009
¬ Since 2003, gross PNG proven oil reserves have increased by 51
mmbbl to 73 mmbbl, with further 34 mmbbl in probable reserves
¬ Development drilling has added reserves at average cost of
US$11.72/bbl
¬ Many further opportunities exist, including appraisal of Agogo deep
(ADT 2), drilled in late 2009/10, recently tested at 2,000 bopd
32
Reserves & Resources
31 December 2009
¬ Six-fold increase in proven (1P) reserves, from 50 mmboe at end 2008
to 344 mmboe:
¬ PNG LNG Project reserve booking of 301 mmboe
¬ 2009 production of 8.1 mmboe
¬ Oil reserve additions at Kutubu, Gobe and SE Gobe of 2.4 mmboe
¬ Seven-fold increase in proven & probable (2P) reserves, from 67
mmboe to 567 mmboe:
¬ PNG LNG Project reserve booking of 505 mmboe
¬ 2009 production of 8.1 mmboe
¬ Oil reserve additions at Kutubu, Gobe and SE Gobe of 2.8 mmboe
¬ 2C resources, comprising gas and associated liquids, of 281 mmboe at
end 2009, compared to 886 mmboe at end 2008:
¬ Adjustment of 79 mmboe, due to Government back-in, to PNG LNG,
initial equity determination and field reserve changes
¬ PNG LNG Project reserves booking of 505 mmboe
¬ Decrease of 21 mmboe for revisions to certain fields’ 2C estimates
and Government back-in
¬ Total 2P and 2C reserves and resources of 848 mmboe
33
2010 Operations Outlook
¬ Key strategic rebuild to optimise oil and gas business
¬ Gas value driving revised Operating Framework:
¬ Field reliability management
¬ Gas conservation with minor oil production impact
¬ Production outlook for 2010 of 7.2 – 7.4 mmboe
¬ Value adding PNG production activities will continue:
¬ Reduced drilling programme with 1 – 2 wells at Moran and
¬
¬
¬
34
appraisal of Agogo deep play
¬ Workover campaign in Kutubu, Moran, SE Gobe
¬ New well optimisation and testing, reservoir management
activities
Continued focus on capturing additional in-field reserve
opportunities post-ADT 2 sidetrack
Ongoing focus on costs and capital efficiency following
successful 2009 Operations Review
Aligning and maximising use of infrastructure to support LNG
project
Exploration Outlook
¬ PNG:
¬ Exploration for gas – key to driving LNG expansion
¬ Additional oil focused exploration in 2010:
−Wasuma (25 mmbbl mean, currently drilling in PPL 219)
−Mananda Attic (30 mmbbl mean in PPL 219, plus gas
play)
¬ MENA:
¬ Focus on finding material oil and maximising asset
value:
− Evaluate commerciality of Shakal (Iraq) and Tubb’a (Yemen)
discoveries
− Oil–focused drilling ongoing within Blocks 3 and 7 in Yemen,
targeting 3D defined structures
− Seismic in Kurdistan (K42 world class exploration province) and
Tunisia planned to define drillable large structures
35
PNG 2010 Exploration
Summary
PPL260
Korka (15%)
1.3 tcf +
PRL03
PDL9
Mananda FW (10%)
1.2 tcf +
PRL02
PDL1
PDL8
PRL11
PRL11
PDL6
APPL249
PDL5
PDL7
PPL
6°S
PPL233 55km
233
Wasuma HW(30%)
25 mmstb
PPL239
Mananda Attic (45%)
30 mmstb
80km
APPL250
PPL219
PDL2
APRL14
PPL190
PDL4
PDL2 100km PPL240
PDL3
Wasuma Deep (20%)
25 mmstb
PRL08
PRL09
Well Types
PRL10
Commitment
Future Commitment
Kumul
Terminal
Discretionary
PPL234
Prospect/Lead (POS%)
Mean Oil Gross (mmstb)
PPL244
Mean Gas Gross (bscf)
PPL234 3000+km2
Seismic
Flinders (12.5%)
1.0 tcf+
Commitment
Discretionary
9°S
Permit 2D(distance)/3D(area)
142°E
36
50km
PRL01
145°E
MENA 2010 Exploration
Activity Summary
Le Kef
Shakal 60km
Taj. + Le Kef 600km
K42
Tajerouine
Area 18
K42 200km
Shakal
Dubai Office
Well Types
Al Measher (20.0%)
20 mmstb
Commitment
Future Commitment
Discretionary
Prospect/Lead (POS%)
Mean Oil Gross (mmstb)
Mean Gas Gross (bscf)
Seismic
Commitment
Discretionary
Lead E Lam (9%)
70 mmstb
Sana’a Office
Lead M (9%)
20 mmstb
Block 7
Block 3
Block 3 & 7
400km
Permit 2D(distance)/3D(area)
37
Outlook and
Summary
38
Outlook and Summary
¬ Oil Search core business in excellent
shape to drive further value growth over
next 3 years
¬ PNG LNG Project Sanctioned
¬ ExxonMobil quality operator for delivery
¬ Contractors mobilising, construction started
¬ Buyers secured, with pricing locked in
¬ Finance secured, excellent package
¬ Significant impact on PNG already being felt
¬ Country and Company transformational,
Project underway
39
Focus on Value
Enhancement
¬ Two largely independent core gas development
streams:
¬ PNG LNG dedicated fields
¬ Material core reserves
¬ Proven 300 mmboe (OSH share) sold
¬ Proven & probable 500 mmboe (OSH share) –
significant upside
¬ Field development optimisation
¬ Future appraisal
¬ Strong partner alignment
¬ Other fields and exploration
¬
¬
¬
¬
Material resources still to be commercialised
Proven & probable 281 mmboe (OSH share)
Future appraisal and exploration underway
Developing material portfolio ex PNG LNG
¬ Assessed sufficient risked resource base to
underwrite Trains 3 and 4
40
Significant LNG Reserve
Booking Potential
900
800
1P/1C
4,000
2P/2C
700
600
500
400
300
200
100
0
PNG 2009
Reserves & Resources (100% License Estimates)
Millions of Barrels Oil Equiv.
Millions of Barrels Oil Equiv. (NET)
Oil Search 2009
PNG Fields Net Reserves & Resources
2P/2C
3,500
3,000
2,500
2,000
1,500
1,000
500
-
Oil Fields
Oil + PNG LNG
Oil + PNG LNG +
Resources
Oil Only
Oil + PNG LNG OSH Fields'
Reserves &
Resources
All Other
Resources
¬ OSH commitment to PNG LNG delivers an incremental 301
¬
¬
mmboe and 505 mmboe on 1P and 2P basis respectively
Additional net 2C resources of 281 mmboe are available from
other OSH fields
Total resources in OSH and other PNG fields (ex PNG LNG)
estimated at 1,686 mmboe (9 tcf)
41
Active programmes to
deliver in 2010
¬ Field and development optimisation
(Central Foldbelt)
¬ Seismic acquisition and drilling
¬ Accelerated exploration (NW Foldbelt and Gulf)
¬ Seismic and drilling, CSM
¬ Selected acquisitions
(PRL 1, PPL 244 and others)
¬ Partner alignment
(PNG LNG and others)
42
Strong balance sheet
¬ OSH has the financial capacity:
¬ US$1.29 billion in cash at end December
¬ US$362.5 million available from term revolving
facility, nil drawn down
¬ Group liquidity ~US$1.65 billion
¬ Sanction of PNG LNG Project in December
delivered US$88 million of proceeds net to OSH
from PNG Government back-in to Project gas
licences
¬ Claw-back from lenders of 70% of Project costs
spent prior to Financial Close will realise a
further ~US$300 million inflow
43
2010 Guidance Summary
¬ Production:
¬ 7.2 – 7.4 mmboe
¬ Opex:
¬ US$16-18/boe
¬ Increase due to FX, PNG inflation, increased spend to
improve reliability & extend life and relatively fixed
cost base on lower production. In addition,
accelerated focus on workovers to maximise oil
recovery prior to gas blow down
¬ D,D & A:
¬ US$6-8/boe
¬ Decrease due to recognition of LNG reserves
¬ Capex:
¬ Exploration – US$210m (80% in PNG, 20% in MENA)
¬ Production/Other – US$85m (inc corporate & other
¬
44
gas)
PNG LNG – US$1,000 - 1,350m
OSH good value on 1P reserves
relative to Global Energy Sector
Enterprise value (US$m) / 1P reserves (mmboe)
40
35
30
25
20
15
10
45
Phillips
BP
Total
ExxonMobi
Oil Search
Santos
Devon
Apache
Talisman
Hess
Shell
Anadarko
Chevron
ENI
Woodside
Repsol
Marathon
BG
Murphy
Husky
0
Arrow
5
Note: Enterprise Values as at 31 January, 2010. 1P reserves based on latest publicly available reserves figures
Source: Public information
Production Outlook
¬ PNG LNG adds ~18 mmboe pa to OSH at plateau in 2015 onwards. 30
year Project life
¬ T3 could add an additional ~9 mmboe pa, with T4 of similar magnitude
Net Production (boepd)
90,000
80,000
Potential T3 LNG Gas
60,000
50,000
LNG Condensate
40,000
30,000
LNG Gas
20,000
10,000
0
2010
46
Potential T3 LNG Condensate
70,000
PNG Development
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Summary
¬Core oil production remains solid. Focus
on life extension, reliability and gas
conservation
¬ A new value equation
¬Measured oil exploration in PNG and
MENA
¬Activities underwritten by strong
balance sheet and liquidity to meet LNG
obligations, T3/T4 appraisal and
exploration activity
47