Oil Search Redesigns Organisation To Deliver Projects And Double Production
With the expansion of Oil Search into Alaska, the company has gone through an organisational redesign.
This began in the second half of 2018 and concluded in June this year.
Managing director Peter Botten said during their 2019 first half year results announcement yesterday that it was aimed at delivering major capital projects safely and doubling production by mid 2020.
The company established a streamlined executive leadership team with clear accountabilities and set up two business unit centric models in PNG and Alaska.
There is a chief operating officer in each business unit to increase focus on safe and reliable operations.
Mr Botten said one of its new developments is the creation of the technology and assurance and should strengthen its opportunity maturation and project execution capabilities and further value creation through adoption of new technology.
The company has two new vice presidents to lead the PNG business unit and the technology and value assurance group. Both have extensive global oil and gas experience.
Mr Botten said with the company’s expansion and success, it prides itself as a leader in working with governments and communities delivering not just sustainable economic growths but also developing the social space.
“We remain a significant contributor to the social development in the country though health programs, infrastructure, women empowerment, youth engagement, education and training,” he said.
“Since the new government has been formed new relationships are being built.”
He said development and expansion plans fuse with Prime Minister Marape’s vision of diversifying the economy and developing sustainable downstream projects which would provide employment opportunities for PNG nationals.
The company is still rebuilding itself after the earthquake and with the financial figure for the first half of this year more than doubled the same period last year, it is looking at a better second half. “We are optimising our business after the earthquake,” Mr Botten said.
The company will go into front end engineering design once the gas agreements for Papua LNG and P’nyang are finalised.