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  • Oil Search acquires exploration acreage in the offshore Papuan Gulf
    édité le 12/09/2016 - Plus de news de "Oil Search" - Voir la fiche entreprise de "Oil Search"

Oil Search acquires exploration acreage in the offshore Papuan Gulf
Oil Search announces that its subsidiary, Oil Search (PNG) Limited, has entered into agreements with Gini Energy Limited, ultimately owned by CNOOC Limited, to acquire a 40% interest in each of PPL 374 and PPL 375.

These licences are located approximately 150 kilometres south of Port Moresby in the deep water section of the Gulf of Papua, PNG, and cover a combined area of 24,936 km2, with water depths ranging between 1,000 and 2,500 metres.

ExxonMobil will also acquire a 40% interest in each licence while Gini will retain a 20% interest in each licence. Subject to conditions precedent, operatorship of both licences will transfer from Gini to ExxonMobil.

Commenting on the farm-ins, Oil Search’s Managing Director, Peter Botten, said:
“During 2015/16, we undertook a comprehensive study of exploration opportunities in PNG. This work identified the offshore Papuan Gulf as an area where there is significant gas potential, with several multi-tcf gas leads and prospects already delineated in these licences. We are delighted to be partnering with ExxonMobil, which has significant experience in exploration and production in deep water, and we also welcome the opportunity to work with CNOOC Limited for the first time.

Entering these licences is consistent with the Company’s strategy to focus on areas that have the potential to support the Company’s expanding LNG portfolio.”

The completion of the farm-in agreements and Oil Search’s acquisition of the licence interests is subject to conditions precedent, including regulatory approvals.

About Oil Search

Oil Search (ASX Code: OSH, POMSoX: OSH, ADR: OISHY) is an oil and gas exploration and development company, which was established in Papua New Guinea (PNG) in 1929. Oil Search’s main asset is its 29% interest in the 6.9 MTPA PNG LNG Project, a world-scale liquefied natural gas (LNG) development operated by ExxonMobil PNG Limited. In addition to the PNG LNG Project, Oil Search has a 22.8% interest in the Papua LNG Project and interests in, and operates all of, PNG's currently producing oil fields. Approximately 20% of PNG LNG Project gas is sourced from the Oil Search-operated oil fields.

Origine : Communiqué Oil Search

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