Oil Search fills the tank
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- Indepth analysis of ASX listed shares
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The tank is filled
The acquisition lifts the company's share of the Kutubu Oil Field from 8% to 27%, with oil reserves growing from 39 million barrels to 94 million barrels. Gas reserves also rise from 600bcf (billion cubic feet) to over 3800bcf. Real upside exists in commercialising the extra gas, further oil discoveries at Moran, Paua and other un-drilled structures and any future tolling charges paid by third party users of the oil plants and pipelines. The acquisition will advance the PNG-Queensland gas project by freeing up a large chunk of undeveloped gas at Hides. The departure of BP eliminates competing gas projects and any risk to reserves.
Largest PNG producer
OSH is now the largest owner and producer of oil and gas reserves in PNG, even surpassing the US giant Chevron, focused on what it knows best, PNG, rather than looking to SE Asia or investments in other companies. The mix of production and exploration leverage that has made OSH popular in the past few years has been enhanced. If you're looking for a reason as to why the share price has jumped 20% since the announcement of the deal, PNG is one of the most prospective oil and gas provinces in the world and Oil Search now has more of it!
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