Oil Search

Oil Search

Company type	Public
Industry	Oil and gas
Founded	1929
Defunct	December 14, 2021 (2021-12-14)
Fate	Merged with Santos
Headquarters	Papua New Guinea
Area served	Papua New Guinea, Yemen, Egypt, Libya, Kurdistan region of Iraq
Products	Oil, natural gas, liquefied natural gas (LNG)
Owner	Government of Papua New Guinea (17.6%)

Oil Search stood as the foremost oil and gas exploration and production enterprise headquartered in Papua New Guinea, managing the entirety of the nation's oilfield operations. In December 2021, it combined with the Australian firm Santos.

History

Established in 1929, Oil Search ranked among the largest corporations in Papua New Guinea, accounting for 13% of the country’s GDP in 2006. It was publicly traded on both the Port Moresby and the Australian Stock Exchange, boasting a market value near US$12 billion.

The Government of Papua New Guinea maintained a 17.6% ownership interest. Beyond Papua New Guinea, the company conducted operations in Yemen, Egypt, Libya, and the Kurdistan region of Iraq. In May 2014, ExxonMobil delivered the inaugural shipment of liquefied natural gas (LNG) from the US$19 billion PNG LNG Project, where Oil Search held a 29% share.

In 2021, Oil Search consented to merge with Santos, with Oil Search investors receiving a 38.5% stake in the newly formed organization. The merger was finalized on 14 December 2021, establishing a prominent regional entity with a broad portfolio of long-life, cost-efficient oil and gas assets.