Oil Search to Acquire 40% interest in Offshore Papua New Guinea Licenses

Oil Search (PNG) Limited has entered into agreements with Gini Energy Limited, ultimately owned by CNOOC Limited, to acquire a 40 percent interest in PPL 374 and PPL 375, offshore Papua New Guinea.

The licenses are located approximately 93 miles south of Port Moresby in the deep water section of the Gulf of Papua and cover a combined area of 9,627 square miles. ExxonMobil has stated that it will also acquire a 40 percent interest in each license while Gini will retain a 20 percent interest in each license. Subject to conditions precedent, the operatorship of both licenses will transfer from Gini to ExxonMobil.

“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 licenses,” said Oil Search’s Managing Director, Peter Botten.

“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 licenses is consistent with the company’s strategy to focus on areas that have the potential to support the company’s expanding LNG portfolio,” he added.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
Quality Engineer
Expertise: Process Control|Process Management|Reliability Engineer
Location: Chesterfield, MO
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours