Papua New Guinea’s largest E&P firm Oil Search has taken a 30% interest in several prospects from supermajor ExxonMobil.
The company has raised its 2017 exploration budget after finalising farm-in agreements for several prospecting licences in the region.
It now has around $270-320 million up from the earlier $250-300 million of capital on hand, after agreeing to acquire sn interest in PPLs 474, 475, 476, 477 and PRL 39 from the American oil major.
The onshore licences are in close proximity to the Elk-Antelope gas fields that will supply gas to the ExxonMobil-operated PNG LNG project, in which Oil Search owns a 29% stake.
Recommended for you
