Oil Search

Oil Search was the largest oil and gas exploration and development company incorporated in Papua New Guinea, which operated all of the country's oilfields. In December 2021, it merged with the Australian company Santos.

This article is about the company. For the method of finding oil and natural gases, see Oil exploration.

Oil Search
TypeDual-listed public company
ASX: OSH
IndustryPetroleum
Founded1929
DefunctDecember 2021
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

History

Oil Search was founded in 1929.[1] It was 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 was publicly listed on the Port Moresby and Australian Stock Exchanges.[2] It had a market capitalization of around US$12 billion.

A 17.6% interest in the company was held by the Government of Papua New Guinea,[2] The 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 agreed terms with Santos to merge, with Oil Search shareholders taking a 38.5% shareholding in Santos.[4][5] The merger took effect on 14 December 2021.[6]

References
  1. History Oil Search
  2. Profile at official site
  3. "LNG news - First cargo from PNG LNG". www.lngindustry.com. Archived from the original on 27 July 2014.
  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
  6. Santos and Oil Search merger becomes effective Santos 10 December 2021


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