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The Power PARTNERSHIP

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The Power PARTNERSHIP The power of PARTNERSHIP ANNUAL REPORT 2016 02 Our Vision, Our Values 28 Gas Growth 64 Financial Report Contents 10 2016 Highlights 32 Exploration and New Business 65 Directors’ Report 12 Letter from the Chairman 38 Social Responsibility 102 Financial Statements 14 Managing Director’s Update 44 Organisational Capability 143 Shareholder Information 18 Financial Management 48 Reserves and Resources 146 Ten-year Summary 20 Executive Team 56 Licence Interests 150 Corporate Directory 22 Production 58 Corporate Governance and Board IBC About Oil Search The power of partnership For 87 years, our commitment to developing and maintaining genuine relationships has been key to our ongoing success. Whether we’re working with joint venture partners, regulators, the PNG Government, landowners or communities, we are focused on recognising their individual needs and building relationships to the benefit of all. Combined with an unrivalled understanding of how to operate successfully and safely in PNG, we know the importance of a strong long-term, mutually beneficial partnership. That’s what sets us apart. That’s what makes us Oil Search. OUR Vision To generate top quartile returns for shareholders through excellence in socially responsible oil and gas exploration and production. OUR Values Passion Responsible Caring Diversity Respect Integrity Excellence The power of partnership Our joint venture partners are among the strongest and most successful oil and gas operators in the world. Combined with our in-country expertise and PNG’s world class assets, we are well placed to continue to develop further LNG trains and grow PNG’s presence in the global LNG market. The power of partnership Our partnerships with communities and governments are vital to developing the resources of PNG in a responsible, equitable manner and in ensuring a stable operating environment. We all share an aligned interest: to create a stronger PNG. What is good for PNG is good for Oil Search. The power of partnership More than 83% of our employees in PNG are Papua New Guineans. Developing our local PNG talent and increasing the percentage of women in leadership roles are two of our key goals. We are committed to ensuring a safe and inclusive workplace for our employees and rewarding them as partners in our success. Highlights 2016 HIGHLIGHTS During 2016, Oil Search achieved record production and reduced its unit costs substantially. Despite lower oil and gas prices, operating cash flow generation was strong, cementing the Company’s platform for growth. 35 120 15 20 28 96 12 16 21 72 9 12 14 48 6 8 7 24 3 4 6.38 6.74 19.27 29.25 30.24 113.97 110.73 97.79 51.36 45.04 13.94 9.44 6.36 17.4 0 18.77 12.21 10.08 8.50 0 0 0 0 12 13 14 15 16 12 13 14 15 16 12 13 14 15 16 12 13 14 15 16 PRODUCTION AVERAGE REALISED OIL AVERAGE REALISED LNG UNIT PRODUCTION COSTS (MMBOE) AND CONDENSATE PRICE AND GAS PRICE (US$ PER BOE) (US$ PER BARREL) (US$ PER MMBTU) 500 1000 15 3.0 400 800 12 2.4 4.0 300 600 9 1.8 200 400 6 1.2 100 200 3 0.6 153.0 205.7 482.8 359.9 106.7 196.0 367.0 992.0 952.7 555.1 4.0 4.0 10.0 10.0 3.5 2.64 2.47 1.97 1.91 1.53 0 0 0 0 12 13 14 15 16 12 13 14 15 16 12 13 14 15 16 12 13 14 15 16 CORE PROFIT OPERATING CASH FLOW DIVIDENDS PER SHARE TOTAL RECORDABLE (US$ MILLION) (US$ MILLION) (US CENTS) INCIDENT RATE 4¢ SPECIAL (PER MILLION HOURS WORKED) 10 Oil Search Annual Report 2016 Safety is at the heart of everything we do. We introduced a safety improvement plan during the year, focused on enhancing operational awareness of issues that could make a meaningful difference to safety outcomes. Combined with a strong leadership presence in the field, this resulted in a significant reduction in Oil Search’s Total Recordable Incident Rate (TRIR), to 1.53 per million hours worked, the Company’s lowest TRIR since 2009. 2016 marked the final year of our first five-year emissions reduction programme. Our emissions in 2016 were 941 ktCO2-e and our emissions intensity was 46 ktCO2-e/mmboe. This was 50% lower than our emissions intensity of 93 ktCO2-e/mmboe in 2009, compared to a target reduction of 12%. Our new Climate Change Strategy, which formalises several existing initiatives, was approved by the Board during 2016. In December 2016, we became a Corporate Pillar Participant to the Voluntary Principles on Security and Human Rights (VPSHR). This is a demonstration of our commitment to human rights. As signatories, we are required to implement the principles of the VPSHR in our business activities. This process is under way and will continue into 2017, to ensure that human rights management is embedded in all our operating procedures. 11 Letter from the Chairman Letter from RICHARD LEE Oil Search achieved a number of milestones during 2016, building on its already strong foundations. In a year of record production, Oil Search continued to drive costs lower and delivered a core profit of US$106.7 million, despite depressed global oil and gas prices. The Company also made progress on its high potential LNG growth opportunities. With strong cash flows and a healthy balance sheet, Oil Search is well positioned to continue to provide attractive returns to shareholders. Oil Search produced 30.24 million We continued to invest in our high Your Board considered carefully barrels of oil equivalent (mmboe) value growth opportunities over the whether to submit a revised offer, in 2016, a record for the Company. year. To optimise the value of our but we decided it was not in the best The PNG LNG Project continued LNG assets, in May we announced interests of shareholders to do so, to perform well above nameplate an agreed offer to acquire InterOil based on our view that the likelihood capacity and is arguably one of Corporation, together with a of a cooperative development is the best new LNG projects to back-to-back Memorandum of increased if ExxonMobil becomes have been brought on-stream Understanding with Total SA (Total) a PRL 15 Joint Venture partner. this decade. However, the global to on-sell some of the assets. ExxonMobil has subsequently oil and LNG price environment The bid was designed to consolidate completed its acquisition of remained challenging over the year. our position in the world class InterOil and discussions regarding In response, the Company continued Elk-Antelope gas fields in PRL 15, a collaborative approach to LNG to drive down its operating costs, as well as act as a catalyst to develop expansion in PNG have commenced, with 2016 unit production costs this gas resource cooperatively with advancing many of our original aims. 30% lower than in 2014. Core net the PNG LNG Project. In July, InterOil profit, excluding one-off items, was announced that it had received In light of our high returning US$106.7 million, a creditable result a superior proposal from Exxon growth opportunities, the Board given weak commodity prices. Mobil Corporation (ExxonMobil). believes that our proportionate 12 Oil Search Annual Report 2016 dividend policy, whereby the In September 2016, we announced a safe operating environment for Company pays out between the creation of three Independent all stakeholders. The substantial 35% and 50% of core profit to Member roles at the Board improvement in our TRIR in 2016, shareholders, remains appropriate, Committee level for suitably from 1.91 to 1.53 incidents per providing both short and long qualified PNG citizens. Richard Kuna, million hours worked, was a pleasing term returns to shareholders. Mary Johns and Serena Sasingian outcome and the implementation As a result, an ordinary dividend of are our first appointees. All hold of a Process Safety Improvement 3.5 US cents per share was paid senior positions in PNG government Plan also had positive results. for 2016, compared to a total of or business and will strengthen the Continuous improvements in 10 US cents per share for 2015. Board Committees through their all areas of safety remain a key Our dividend reinvestment plan experience, local knowledge and objective for the Company. remains suspended. well-established in-country networks. Although not members of the Board, Led by your Managing Director and During the year the Board approved these appointees will be expected his highly capable executive team, a new Climate Change Strategy. to contribute to the effective Oil Search has performed well in This outlines our support for global functioning and execution of duties what has been a difficult market efforts to implement an effective and responsibilities of the relevant environment. We continue to see global climate agreement, market Board committees, while receiving the Company as being extremely mechanisms and other measures training and hands-on exposure to well positioned to deliver LNG into which improve business certainty. governance practices at Oil Search. a regional market where demand This year, we have significantly will continue to grow over the increased the disclosure of Looking to 2017 and beyond, long term. Oil Search has a high our climate change risks and recent actions by OPEC to restrict quality asset base, as well as a track opportunities and will continue to oil supply have helped stabilise the record of reliability and flexibility. make further improvements aligned oil price and we expect prices to With these characteristics, the with the recommendations of the continue to improve slowly over the Company has strong foundations Task Force on Climate Related next few years, albeit with periods that will enable it to meet the Financial Disclosures.
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