Oil Search will conduct a wide-ranging review of the company’s entire structure, operations and staff as its key project begins producing gas.

Production has started early on the $US19 billion ($A20.56 billion) Papua Guinea LNG project in which Australian companies Oil Search and Santos are partners alongside lead operator Exxon Mobil.

The companies announced on Friday that the first export cargo is being loaded to leave soon for Japan.

At Oil Search’s annual general meeting, chairman Richard Lee said a major review would be held this year covering “all aspects of the company’s structure, operations and human resources”.

It would help set a framework for the company’s growth over the next five years, he said.

“Now that the foundation PNG LNG Project infrastructure is in place, a key objective for Oil Search is to capitalise on this asset base through LNG expansion,” Mr Botten told shareholders at the company’s AGM in Port Moresby on Friday.

In a presentation to shareholders chief executive Peter Botten said the strategic review was now underway.

It will examine areas such as asset values, capital management initiatives and look at the company structure, cost base, operating model and staff development.

The results are expected to be made available to shareholders in the fourth quarter of 2014.

The PNG government recently acquired a 10 per cent stake in Oil Search.

Oil Search also maintained its recently upgraded 2014 production guidance in the range of 14.5 to 17.5 million barrels of oil equivalent (mmboe).

Shares in the company gained one cent to $9.19 at 1530 AEST.