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Monday, September 27, 2021

Oil Search Limited (OSH:AX) announces new structure to support future growth

Oil Search Limited (OSH:AX) announces new structure to support future growth

Oil Search announces a new organisational structure to support its next phase of growth, including the appointment of two senior executives and the creation of a Technology and Value Assurance Group to drive production growth and deliver on major developments in Papua New Guinea (PNG) and Alaska. In announcing the redesign to staff, Oil Search Managing Director Peter Botten said the Company had undergone enormous growth during its 90-year history – from humble beginnings as an explorer in 1929 to a regionally significant oil and gas producer and PNG’s largest investor.

“We celebrate an incredible milestone this year, with many lessons learnt, and this is only the start,” he said. “Our longevity and success has been largely built on balancing judicious acquisitions, discovery of new resources, value-driven operations and strong partnerships with local communities, government, landowners and businesses, playing a critical role in both the economic and social development of Papua New Guinea.” Minimising direct impact on existing roles, the new structural changes include the formation of two Business Units, in PNG and Alaska, to give greater accountability and control to those regions, and a leaner Centre, to provide governance, assurance and drive value through applied oil and gas technology.

“This redesign is an exciting opportunity for us to strengthen and broaden our capabilities and improve performance to realise our vision – to generate top quartile returns for shareholders through excellence in socially responsible oil and gas exploration and production,” Mr Botten said.

With the signing of the Papua LNG Gas Agreement in April and last year’s acquisition of key assets in Alaska, including a major multi-billion-dollar development in the Pikka Unit, the Company is well positioned to more than double its production base over the next five years.

Oil Search recently announced its intentions to exercise a US$450 million option to buy out Armstrong Energy and GMT Exploration Company’s stakes in the Pikka Unit and other exploration areas in Alaska. “We have major operating opportunities and challenges in PNG and Alaska, so to address these and ensure successful delivery of our objectives, we need to deepen and broaden our expertise and work more efficiently to achieve continual improvement,” Mr Botten said.

“This redesign builds our skills base and depth of the management team and provides clear accountabilities to meet our growth demands and provide our people with greater career development opportunities.” As part of this reorganisation, we are pleased to announce the following appointments:

Dale Rollins will join Oil Search as Executive Vice President PNG Business Unit. Dale has more than 30 years’ technical and operational experience, including country leadership roles in Nigeria and Russia.

Dale spent more than 20 years with the Shell Group of companies, finally serving as Deputy Managing Director for Shell in Nigeria, responsible for production operations and 25 ongoing major projects, with production capacity of over 1 million barrels of oil per day, plus significant gas supply.

Aside from international operating experience, he has strong governance and stakeholder engagement experience with various governments, community groups, regulators and joint ventures.

Dale will be responsible for driving overall performance for the PNG Business Unit and maintaining and developing our in-country stakeholder relations. Bart Lismont will lead the newly formed Technology and Value Assurance Group as the Executive Vice President.

This Group will strengthen the Company’s capabilities in opportunity maturation, project execution, safe and reliable operations, and capture important benefits from technology and innovation.

Bart has more than 30 years’ experience in upstream oil and gas. Most recently, Bart was Vice President Development, responsible for all upstream development, between discovery and production, for all of Shell’s operated assets outside of the Americas.

He has extensive project development experience across the full project lifecycle and has lived and worked in several locations, including Gabon, Malaysia and Nigeria.

John Kurz with join the PNG Business Unit in the new role of Chief Operating Officer and will be responsible for day to day safety, performance, production and development operations reporting directly to Dale Rollins, Executive Vice President PNG Business Unit.

John has worked for more than 30 years in the upstream oil and gas industry, including 19 years with BP. Most recently for BP, he was Vice President of Operations and Deputy General Manager overseeing operating activities in Iraq’s Rumaila oil field, the world’s third largest producing oil field. John brings a blend of strategic, operations and analytical expertise to help Oil Search deliver gains in efficiency, productivity and operational effectiveness.

Bob Writt will join Oil Search in the role of Senior Vice President Project Assurance and Engineering to oversee the assurance and governance of the Company’s major capital development programmes.

Bob has more than 30 years’ international experience in the oil and gas industry with 15 years’ in senior project roles including Cobalt, BHP Billiton and Shell. He has delivered profitable, deep-water subsea oil and gas projects at various stages from early development through to hand over to production in countries such as Nigeria, Brazil, Algeria and Australia.

“Oil Search welcomes Dale and Bart to the Executive Leadership Team, and John and Bob to Senior Management and looks forward to drawing on their extensive industry experience to assist in driving the Company’s plans for future growth, expansion and operational excellence,” Mr Botten said.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 7.31.

The projected lower bound is: 6.67.

The projected closing price is: 6.99.


A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 22 white candles and 27 black candles for a net of 5 black candles.

A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 7 falling windows in the last 50 candles–this makes the current falling window even more bearish. The two candles preceding the falling window were black, which makes this pattern even more bearish.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 46.9136. This is not an overbought or oversold reading. The last signal was a sell 1 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 44.54. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 26 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -59. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.


The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 4 period(s) ago.

Rex Takasugi – TD Profile

OIL SEARCH 1 FPO closed down -0.180 at 7.000. Volume was 59% below average (consolidating) and Bollinger Bands were 24% narrower than normal.

Open High Low Close Volume___
7.050 7.070 6.930 7.000 1,582,086

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period     50-period     200-period
Close: 7.09 7.20 7.68
Volatility: 35 28 29
Volume: 3,767,931 4,098,017 4,159,075

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.


OIL SEARCH 1 FPO gapped down today (bearish) on light volume. Possibility of a Common Gap which usually coincides with a lack of interest in the security. Common Gaps are fairly irrelevent for forecasting purposes. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
OIL SEARCH 1 FPO is currently 8.8% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of OSH.AX at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on OSH.AX and have had this outlook for the last 3 periods.

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