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Oil Search Snapshot
Making money in Papua New Guinea is the hope of Oil Search, which holds stakes in that country's Gobe, Kutubu, and Moran oil fields. Established in 1929, the company expanded its Papua New Guinea-based operations through a merger with oil and gas and mineral explorer Orogen Minerals. Oil Search ranks as Papua New Guinea's largest exploration and production company, with proved and probable reserves of 1 billion barrels of oil equivalent. As operator of Papua New Guinea's producing oil and gas fields, in 2007 Oil Search was responsible for generating 16% of Papua New Guinea's Gross Domestic Product and 22% of its export revenue. Abu Dhabi's International Petroleum Investment Company owns 17.6% of Oil Search.
