Oil Search

This drop is reflected in the shut in of Oil Search-operated production and the PNG LNG Project following the 7.5 magnitude earthquake that struck the PNG Highlands on 26 February 2018.

Oil Search has now revised its 2018 production guidance to 23 – 26 mmboe, while unit production costs are expected to be in the range of US$10.50 – 13.50 per boe and depreciation and amortisation charges are forecast to be between US$12 and US$13 per boe. Capital cost guidance has been reduced to US$425 – 520 million.

Speaking at the Inaugural PNG Petroleum and Energy Summit, Oil Search Managing Director, Peter Botten, says the joint venture partners should be looking at cost synergies and optimising spending through reduced wasteful duplication of infrastructure.

He said this will offer the best capital and operational expenditure savings.

This is the second year in a row that Botten has been named on the prestigious list.

Despite dropping 27 places from 72 to 99 on the list, Botten is among some of the best CEOs to deliver this year despite slow economic growth due to lower commodity prices.

The Harvard Business Review website states that against this bleak backdrop, it’s heartening to see a group of business leaders compiling track records that allow them to stick around and implement long-term strategies.

Street Talk revealed Woodside was looking at raising debt to help boost its $11.6 billion all scrip offer, with straight bridge financing believed to be the preferred option.

A $3 billion cash sweetener would equate to an extra $1.97 per share, on top of the $7.65 a share scrip offer, taking the total bid to $9.62.

This would signal Woodside was serious in its pursuit of Oil Search, after analysts and investors suggested a bid nearing the $10 mark would be necessary to get a deal over the line.

Hundreds gathered, waiting for MP Justin Tkatchenko to arrive and start the relay.

He turned up with his daughters, vowing to make the walk all the way to police headquarters at Konedobu.

The Tkatchenko family and supporters were walking down the Scratchley Rd hill to Sabama by 9am and being welcomed by throngs of students and residents all the way.