Oil Search’s strategic priorities are to maintain performance at ExxonMobil-operated PNG LNG in the near-term, whilst driving the next phase of LNG expansion in Papua New Guinea. The completion of the ExxonMobil/InterOil takeover should support progress, and we expect Elk/Antelope to supply a Total-operated Papua LNG project sharing PNG LNG facilities (effectively a third train expansion). Papua LNG is not Oil Search’s only economically attractive long-term growth opportunity. An investment decision is also needed at P’nyang, which could supply either an expansion of PNG LNG or backfill for the foundation project. Growth may come at a cost. PNG LNG provides long-life cash flow and near-term capital commitments are low. But ambitious E&A plans, project finance repayments and new investment at Papua LNG could put finances under pressure.