Oil Search (OSH)

Shares / Stock Code

OSH

Stock Exchange / Sharemarket

ax

Oil Search Limited (OSH) is a Papua New Guinea-based company engaged in oil and gas exploration, development and production. The company functions as an operator for the exploration and production of the joint ventures and a participant in the same activity. Aside from its primary operation in Papua New Guinea, OSH also has operations in Egypt, Yemen, Iraq, Libya, Australia and Tunisia. OSH was listed on the Australian Stock Exchange on the 1st of January, 1974. Its average annual revenue reaches approximately $644 million. Its headquarters is located in Port Moresby, Papua New Guinea and to date; around 1,030 people are employed in the company. The company properties include Moran, Kutubu, SE Mananda, Gobe, Hides Liquid and Nabrajah. In Papua New Guinea, OSH operates three big oil and gas projects: Gobe Oil Project, Kutubu Oil Project and the PNG Gas Project.

Oil Search's Gobe Oil Project is comprised of two oil fields engaged in oil production. There are the Gobe Main and the South East Gobe. Aside from the two oil fields, this project also comprises wells network, on-site processing facilities as well as a gathering system.

The OSH Kutubu Oil Project, on the other hand is a commercial development of oilfield located in the highlands of Southern Papua New Guinea. It comprises wells network where oil is produced from Usano, Iagifu-Hedinia, and Agogo Field where the project’s on-site processing facilities and gathering system, export pipeline and supporting infrastructure are situated.

In the Oil Search’s (OSH) Front End Engineering and Design Phase is the PNG Gas Project. This is a development proposal that incorporates gas production from several fields situated in Southern Highlands of Papua New Guinea. This project is also engaged in the extraction of liquids gas piping in the Australian market. Other options for gas commercialisation include a petrochemical plant, gas to liquids activities, compressed natural gas (CNG), Hides Liquid Recycling Project as well as gas pipeline to Port Moresby.

Oil Search (OSH) Company History

Oil Search Limited was established in 1929. Oil Search Company was engaged in gas and oil operation in Queensland and acquired Oriomo Oil. The company was permitted to cover 64,000 square kilometers of minefield located in the lands of Papua New Guinea in 1936.

Soon, the company grew rapidly as it partnered with Anglo Persians, which was then known as BP, and Stanvac known as Mobil Oil in 1938. These three companies formed the Australian Petroleum Company commonly referred to as APC. The three companies had its own equal share from the company. BP being the operator had all the permits from Oil Search in the territory.

BP formerly known as the Anglo Persians withdrew their stock from Australian Petroleum Company and started a project exploration in the Papua New Guinea.Sometime in 1967, BP came back and continued the operator ship and began doing projects to collect bigger share from the APC license. Oceana petroleum had a deal that they would have 15% of the shares from the collection of APC in their areas.

The company had a very high presence in the oil and gas industry for having a market of approximately A$1.4 billion. They achieved this after they merged with the Orogen Minerals back in 2002.