Oil Search Plans Substantial Investment in PNG
Papua New Guinea-focused Oil Search plans to make substantial investments in 2012.
“The company will spend an estimated U$2.2 billion in-country, on PNG LNG Project related activities and on an extensive gas and oil exploration, appraisal and development programme,” Oil Search said in a statement Tuesday.
The exploration and appraisal work is aimed at finding more gas for a future expansion of the 6.6 million tonne per annum PNG LNG plant as well as proving up gas reserves for the Gulf Area LNG opportunity.
Oil Search sees Gulf Area LNG as a valuable long term growth opportunity as the company could potentially become a participant in two LNG projects or even an LNG project operator.