Oil Search marks 20 yrs 20 years 20

OIL Search Ltd and Papua New Guinea achieved another significant milestone in the history of the country’s petroleum industry at the end of June.
June 27, 2012, marked 20 years since the first oil from Kutubu was loaded onto the Japanese tanker, the Ten-ei Maru, which set sail for Japan on July 3, 1992.
At first, Oil Search was a minor joint venture participant in the Kutubu Petroleum Development Project, with equity of 7.7%.
However, it was a significant event for the company.
Together with the Hides gas-to-electricity project, which had commenced production six months earlier, it provided the company’s first revenue stream, after investing in PNG for more than 60 years.
Over the 20 years, PNG has produced 480 million barrels of oil, and the industry has paid more than K9.5 billion in various taxes to the state.
It provided more than K800 million to the affected provincial and local level governments; distributed almost K400 million to project area landowners in cash benefits and delivered more than K2 billion in indirect non-cash benefits to the community.
Oil Search has come a long way since first oil, now being the largest interest holder in the PNG oil fields.
The company has added substantial reserves and extended the production lives of Kutubu, Moran and Gobe since assuming operatorship of all producing oil fields in 2003.
Oil Search is also the largest explorer for gas and oil in the country.
The company will spend over K4 billion in PNG this year, investing in its future.