Firm plans to continue to focus on PNG

OIL Search will turn 90 this year in operation and Papua New Guinea will still remain a focus area, says Managing Director Peter Botten.
“We have not changed our focus on PNG nor do we intend to do so,” he said.
“However, for some time, Oil Search has been seeking to acquire oil interests to complement our PNG gas assets, to create a more-balanced portfolio that is less exposed to one single commodity and one country.
“The key challenge has been to achieve this without diluting the company’s world-class, high-returning PNG assets.
“Utilising our existing relationships, this Alaska North Slope opportunity was proactively pursued, and an agreement structured to the benefit of all parties.
“The interests acquired provide a unique opportunity for Oil Search to participate in a world-class, high-returning, proven oil province that can add material value to the company.
“Oil Search has matured and grown with Papua New Guinea, and has played a significant role in the development of PNG’s oil and gas industry, with aspirations and strategies closely aligned to those of Government in developing a sustainable oil and gas industry.
“Papua New Guinea and Oil Search’s interests have been aligned for nine decades now.
“This year marks the company’s 90th anniversary of continuously investing in PNG, since being established in 1929, well before the country became independent.