Oil Search Limited

Type: Public
On the web: http://www.oilsearch.com

Making money in Papua New Guinea is the hope of Oil Search, which holds stakes in that country's Gobe, Kutubu, and Moran oil fields. Established in 1929, the company expanded its Papua New Guinea-based operations through a merger with oil and gas and mineral explorer Orogen Minerals. Oil Search ranks as Papua New Guinea's largest exploration and production company, with proved and probable reserves of 1 billion barrels of oil equivalent. As operator of Papua New Guinea's producing oil and gas fields, in 2007 Oil Search was responsible for generating 16% of Papua New Guinea's Gross Domestic Product and 22% of its export revenue. Abu Dhabi's International Petroleum Investment Company owns 17.6% of Oil Search.

Key numbers for fiscal year ending December, 2008:
Sales: $938.6M
One year growth: 31.0%
Net income: $312.2M
Income growth: 129.1%

Officers:
Chairman: Brian F. Horwood
Managing Director and Board Member: Peter R. Botten
CFO: Nigel D.R. Hartley

Competitors:
Lundin Petroleum
Royal Dutch Shell
Santos Ltd

Oil Search Limited (ASX: OSH) is the largest oil and gas exploration and development company incorporated in Papua New Guinea, which operates all of Papua New Guinea's oilfields. Founded in 1929, 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.^[1] It is publicly listed on the Port Moresby and Australian Stock Exchanges,^[1] and is included in the S&P/ASX 50. It has a market capitalization of around US$3 billion. A 17.6% interest in the company is held by the government of Papua New Guinea,^[1] and for 2006 gave the state PGK24 million (US$8 million) as its dividend.^[2] The company also operates areas in Yemen, Egypt, Libya, and Iraq.^[1]

References

1. ^ ^{a b c d} Profile at official site
2. ^ PNG Oil Company Pas State $8 Million Dividend from the Papua New Guinea Post-Courier

External links

• Official site

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