Oil Search to prove contractible reserves

THE two largely independent core gas development streams for Oil Search Ltd is the dedicated fields for the PNG liquefied natural gas (LNG) project and other fields and exploration.According to Oil Search (OSL) managing director Peter Botten, the objective is to prove up enough proven contractible reserves to underwrite trains three and four in the gas project.For the PNG LNG dedicated fields in the material core reserves, there is already proven (1P) 300 million barrels of oil equivalent (mmboe) – all sold. Then the proven and probable (2P) 500mmboe (OSL share).“Focus on moving 2P into 1P contractible category through field development optimisation and further appraisal.”Then in the other fields and exploration, existing proven and portable resources (2C) of 281mmboe (OSL share) yet to be commercialised.There are programmes to appraise these discoveries and explore for new gas underway, while developing material portfolio ex PNG LNG.