"Oil Search's highest priority is to resume safe, reliable and sustainable operations in PNG. Our oil and gas production provides the foundation for the company and underpins everything we do," the company said in its annual report for 2017, released this week.
The six strategic objectives are:
• LNG expansion in PNG: Following the recent alignment between the key gas owners in PNG regarding the preferred downstream development concept, Oil Search is aiming to make a decision on entering into front end engineering and design for LNG expansion, underpinned by gas from the Elk-Antelope, PNG LNG project and P'nyang gas fields, in the second half of 2018.
• Accelerated oil field transition to gas production: With potential to provide early, low-cost gas for the PNG LNG project expansion train, Oil Search intends to progress the Accelerated Gas Expansion (AGX) opportunity.
• Alaska North Slope In 2018: Oil Search says it will build a highly experienced development and operational team in Anchorage and start planning work for the 2019 drilling campaign. A key focus will be on maximising the value of the option, with the potential to bring in a strategic partner and add value to the investment.
• Define future gas development options and priorities for investment: Oil Search plans to undertake strategic studies on the prioritisation of exploration and appraisal activities, to ensure the optimal use of capital.
• Enhance stakeholder management in PNG: Recognising that the company needs to address the gradual breakdown in traditional tribal structures and other societal changes in PNG, Oil Search plans to develop a revised, comprehensive plan on how Oil Search works, communicates and collaborates with key stakeholders in PNG.
• Organisational development and employee engagement: Key organisational objectives for Oil Search in 2018 include successfully implementing the new Enterprise Resource Planning system and improving employee engagement, diversity and staff development.