ExxonMobil and Oil Search has taken stakes in a pair of deepwater licenses offshore Papua New Guinea.
The move will see the two firms take a 40% stake in both the PPL375 and PPL375 licenses from Gini Energy, owned by CNOOC.
Gini will retain 20% in the licenses and ExxonMobil will become operator.
The licenses are about 150km south of Port Moresby in the deep water section of the Gulf of Papua New Guinea.