Oil Search starts review
Oil Search, in a recent market release, says it has commenced a company-wide strategic review to re-evaluate its long-term vision, strategic focus and pathway for delivering superior shareholder returns.
The petroleum company noted that given the market conditions over the past three months, Oil Search’s short-term focus had been on stabilising the company, resulting in decisive cost cutting, the US$700mil (K2.4 billion) capital raising and the steps announced.
With near-term issues addressed, Oil Search would now focus on redefining itself for the future, considering market trends, shareholder expectations and commodity market and pricing outlooks.
A key objective of the strategic review is to focus on the company’s core business.
This, according to Oil Search, is aimed at further simplifying and de-risking existing operations, ensuring disciplined capital management and capital prioritisation, maximising shareholder returns from the company’s projects in Alaska and PNG and aligning Oil Search’s environmental commitments with shareholder and community expectations.