Oil Search Limited (ASX:OSH) has outlined its strategy to optimise production and reserves at its producing oil and gas fields in Papua New Guinea, where more than 90 per cent of its assets are located.
The company’s main growth asset it its 29 per cent stake in the PNG LNG Project, which it advises is on track to start LNG deliveries in 2014.
Oil Search expects first sales will transform the company into a significant LNG exporter and annually add about 19 Million Barrels of Oil Equivalent (mmboe) to its production base.
As well as pursuing expansion opportunities in PNG Oil Search says it is also seeking to expand its exploration interests in the Middle East and North Africa.
Oil Search generated a net profit of $169.3 million in the first half of the 2013 financial year.
