Oil Search
Papua New Guinean oil and gas exploration and production company that merged with Santos in 2021.
Last updated August 22, 2026
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Overview
Oil Search was a Papua New Guinean oil and gas exploration and development company headquartered in Port Moresby. Incorporated in 1929, it became one of the country's largest companies and a central participant in the development of Papua New Guinea's petroleum industry. Its activities included exploration, production and project participation across oil and natural gas, with its principal operating significance concentrated in Papua New Guinea and its international interests extending to Yemen, Egypt, Libya and the Kurdistan region of Iraq. The company was particularly important because Papua New Guinea's upstream petroleum sector was relatively concentrated. Oil Search operated all of the country's oilfields at the time described in the reference material and maintained interests in major producing and development assets. Its business therefore combined conventional oil production with longer-term natural-gas development. The company's most prominent project association was PNG LNG, a large liquefied-natural-gas development in which Oil Search held a 29% interest. The project connected Papua New Guinean gas resources with international LNG markets and became the defining large-scale growth project in the company's portfolio. ExxonMobil shipped the first LNG cargo from PNG LNG in May 2014. Oil Search was also a significant Papua New Guinean corporate institution. It was incorporated in Port Moresby and traded publicly on both the Port Moresby Stock Exchange and the Australian Securities Exchange. The Government of Papua New Guinea held a 17.6% interest, giving the company an important relationship with the state as well as with international energy partners and capital markets. The company was described as one of Papua New Guinea's largest businesses, and its economic contribution was especially notable in the mid-2000s, when it was reported to account for 13% of the country's gross domestic product. Oil Search's corporate life ended through a negotiated combination with Santos rather than through bankruptcy or a shutdown of its underlying assets. In 2021, the two companies agreed merger terms under which Oil Search shareholders would receive a 38.5% shareholding in Santos. The transaction took effect on 14 December 2021. As a result, Oil Search ceased to exist as an independent listed company, while its interests and operations became part of the enlarged Santos group. The Oil Search name is therefore best understood as the former corporate identity of a major Papua New Guinean oil and gas producer and LNG investor, rather than as an active standalone brand.
History
Oil Search was incorporated in Port Moresby on 17 January 1929. From its base in Papua New Guinea, it developed into an oil and gas exploration and development company with a central role in the country's petroleum economy. Its activities covered exploration and production in Papua New Guinea and selected overseas areas, including Yemen, Egypt, Libya and the Kurdistan region of Iraq. The company was described as operating all of Papua New Guinea's oilfields and became one of the country's largest corporate entities. Oil Search's importance extended beyond its direct production volumes. In 2006, the company was reported to have been responsible for 13% of Papua New Guinea's gross domestic product, illustrating the scale of the petroleum sector's contribution to the national economy and Oil Search's position within it. The company also had a substantial state connection: the Government of Papua New Guinea held a 17.6% interest. At the same time, Oil Search was integrated into international financial markets through listings on the Port Moresby Stock Exchange and the Australian Securities Exchange. The company's most consequential development was its participation in the PNG LNG project. Oil Search held a 29% interest in the project, a large-scale natural-gas and liquefaction development designed to deliver Papua New Guinean gas to overseas customers. The project represented a shift from a business focused primarily on conventional oil production toward one in which natural gas and LNG infrastructure became strategically important. ExxonMobil shipped the first LNG cargo in May 2014, marking the start of commercial exports from the project and establishing PNG LNG as Oil Search's defining flagship investment. Oil Search remained a major Papua New Guinean energy company while also maintaining an international exploration and production footprint. Its portfolio linked domestic resource development with overseas assets and partnerships, exposing the company to the capital requirements, operating risks and market conditions associated with the upstream oil and gas industry. In 2021, Oil Search agreed to combine with Santos. Under the agreed transaction, Oil Search shareholders would receive a 38.5% shareholding in Santos. The merger became effective on 14 December 2021. Oil Search consequently ceased to operate as an independent listed company, and its business interests were absorbed into Santos. Its historical identity is therefore associated with the formation of Papua New Guinea's modern petroleum industry, the country's major oilfields and the development of PNG LNG.
- 2021
Agreement to merge with Santos
[1]Oil Search agreed merger terms with Santos, under which its shareholders would receive a 38.5% shareholding in the combined Santos group.
- 2021
Merger completion
[1]The merger with Santos took effect on 14 December 2021, ending Oil Search's independent corporate existence.
- 2014
First PNG LNG cargo
[1]The first LNG cargo from the PNG LNG project was shipped by ExxonMobil in May 2014. Oil Search held a 29% interest in the project.
- 2006
Significant contribution to Papua New Guinea's economy
[1]Oil Search was reported to have contributed 13% of Papua New Guinea's gross domestic product, reflecting its importance in the national petroleum economy.
- 1929
Incorporation in Port Moresby
[1]Oil Search was incorporated in Port Moresby on 17 January 1929, establishing the corporate entity that later became a major Papua New Guinean oil and gas company.
Products and positioning
Regional oil and gas exploration, production and LNG project partner centered on Papua New Guinea.
Upstream petroleum
Crude oil
Crude oil was part of Oil Search's traditional upstream business in Papua New Guinea. The company explored for and produced petroleum and was described as operating all of the country's oilfields at the time covered by the reference material. Oil production formed the historical base of the company before natural gas and LNG became increasingly prominent in its portfolio.
Upstream petroleum
Natural gas
Natural gas became a strategically important part of Oil Search's business through its interests in Papua New Guinean gas resources and the PNG LNG development. The gas business involved upstream exploration and production interests that supported the supply of a major export-oriented liquefaction project.
Liquefied natural gas · 2014
PNG LNG project
PNG LNG was Oil Search's flagship project association and a large-scale liquefied-natural-gas development in Papua New Guinea. Oil Search held a 29% interest. The project connected domestic gas production with international LNG markets, and ExxonMobil shipped its first LNG cargo in May 2014.
Brand decisions
2021
Merger with SantosM&ABackground
Oil Search and Santos pursued a combination that would consolidate their businesses and end Oil Search's status as an independent listed company.
Action taken
The companies agreed that Oil Search shareholders would receive a 38.5% shareholding in Santos. The merger took effect on 14 December 2021.
Aftermath
Oil Search ceased to exist as an independent company, and its assets and interests became part of Santos.
2014
Commencement of PNG LNG exportsProduct launchBackground
Oil Search had a 29% interest in the PNG LNG project, which was developed to commercialize Papua New Guinean natural gas through liquefaction and international export.
Action taken
The project entered its export phase when ExxonMobil shipped the first LNG cargo in May 2014.
Aftermath
The first cargo established PNG LNG as Oil Search's principal flagship development and reinforced the strategic importance of natural gas and LNG to the company's portfolio.
Recent events
Santos completes acquisition of Oil Search[2]
Santos completed its acquisition of Oil Search on December 17; eligible Oil Search shareholders received new Santos shares in exchange for their shares.
Reported
Oil Search appoints Peter as CFO[3]
Oil Search welcomed Peter to the company after he accepted the CFO role; the article reports the appointment of a new CFO.
Reported
Oil Search announces equity raising[4]
Oil Search said it was raising up to US$700 million from investors to strengthen its balance sheet amid low oil prices and uncertainty.
Sources5 sources
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