Oil Search
{{About|the company|the method of finding oil and natural gases|Oil exploration}}
{{Use dmy dates|date=March 2025}}
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{{Infobox company
|name =
|type = Dual-listed public company
|traded_as = {{ASX|OSH}}
|logo = Oil Search logo.svg
|former_name =
|industry = Petroleum
|foundation = 1929
|founder =
|defunct = December 2021
|location_city = Port Moresby
|location_country = Papua New Guinea
|area_served =
|key_people = Richard Lee (Chairman)
Kieran Wulff (Managing Director)
|services = Oil & gas exploration
|revenue = US$ 1.1 billion
|revenue_year = 2020
|operating_income = (US$ 175 million)
|income_year = 2020
|net_income = (US$ 321 million)
|net_income_year = 2020
|num_employees =
|divisions =
|subsid =
|homepage = [https://www.oilsearch.com/ www.oilsearch.com]{{dead link|date=January 2025}} Archive dated 29 March 2009 at {{URL|https://web.archive.org/web/20090329014027/http://www.oilsearch.com:80/html/}}
|footnotes = }}
Oil Search was the largest oil and gas exploration and development company incorporated in Papua New Guinea, which operated all of the country's oilfields. In December 2021, it merged with the Australian company Santos.
History
Oil Search was founded in 1929.[https://www.oilsearch.com/about-us/history History] Oil Search{{dead link|date=January 2025}} It was one of Papua New Guinea's largest companies, and in 2006 was responsible for 13% of Papua New Guinea's gross domestic product.[http://www.oilsearch.com/About-Us/Company-Profile.html Profile] at official site It was publicly listed on the Port Moresby and Australian Stock Exchanges. It had a market capitalization of around US$12 billion.
A 17.6% interest in the company was held by the Government of Papua New Guinea, The company also operates areas in Yemen, Egypt, Libya, and the Kurdistan region of Iraq. In May 2014, ExxonMobil shipped the first cargo of liquefied natural gas (LNG) from the US$19 billion PNG LNG Project, in which Oil Search owns a 29% interest.{{cite web |url=http://www.lngindustry.com/news/liquefaction/articles/First_cargo_from_PNG_LNG_655.aspx#.U84_V4BdXGJ |title=LNG news – First cargo from PNG LNG |website=lngindustry.com |url-status=dead |archive-url=https://web.archive.org/web/20140727033939/http://www.lngindustry.com/news/liquefaction/articles/First_cargo_from_PNG_LNG_655.aspx |archive-date=2014-07-27}}
In 2021, Oil Search agreed terms with Santos to merge,{{Cite news |last=Freed |first=Jamie |date=2021-08-02 |title=Oil Search, Santos close to deal to create top 20 global oil firm |url=https://www.reuters.com/business/energy/australias-santos-hikes-bid-oil-search-690-bln-2021-08-01/ |access-date=2024-12-12 |agency=Reuters|language=en}}{{Cite news |date=2021-08-01 |title=Oil Search, Santos to Merge Into $16 Billion LNG Powerhouse |url=https://www.bloomberg.com/news/articles/2021-08-01/santos-sweetens-oil-search-takeover-offer-to-seal-board-support |access-date=2024-12-12 |publisher=Bloomberg News |language=en}} with Oil Search shareholders taking a 38.5% shareholding in Santos.[https://www.asx.com.au/asxpdf/20210910/pdf/450ch30qk53l4h.pdf Santos and Oil Search combine to create a regional champion of scale with a diversified portfolio of long-life and low-cost oil and gas assets] Oil Search 10 September 2021[https://www.reuters.com/business/energy/santos-oil-search-reach-agreement-merge-2021-09-10/ Santos, Oil Search agree to merge despite scrutiny in Papua New Guinea] Reuters 10 September 2021 The merger took effect on 14 December 2021.[https://www.asx.com.au/asxpdf/20211210/pdf/454130h2bmxh1k.pdf Santos and Oil Search merger becomes effective] Santos 10 December 2021
References
{{Reflist}}
External links
- {{Official website|http://www.oilsearch.com}}{{dead link|date=January 2025}} Archive dated 29 March 2009 at {{URL|https://web.archive.org/web/20090329014027/http://www.oilsearch.com:80/html/}}
Category:Companies formerly listed on the Australian Securities Exchange
Category:Oil and gas companies of Papua New Guinea
Category:1929 establishments in Papua New Guinea
Category:Australian companies disestablished in 2021
Category:Energy companies established in 1929
Category:Non-renewable resource companies established in 1929
Category:Energy companies disestablished in 2021
Category:Non-renewable resource companies disestablished in 2021
Category:Mubadala Investment Company
Category:2021 mergers and acquisitions
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