Firm invests in new gas field

 By GYNNIE KERO
OIL Search Ltd is confident in its investment in the Elk and Antelope gas fields after buying its 23% share at US$900 million (K2 billion) last month.
Managing director Peter Botten said on Saturday that the company had been interested in the gas fields (PRL 15) in Gulf for some time.
“We’ve been looking at it (Elk-Antelope development) for a long time,” he said.
“It is probably one of the single largest reserves of gas. For that reason we bought (shares) into in February and we are very happy with our share (23%).”
When asked if Oil Search was locked out of PRL 15, Botten said the company was a joint venture participant in Petroleum Retention Licence (PRL) 15.
“We note that InterOil was selling some interest to Total (French company) last December. Total is very competent in developing the LNG (Gulf LNG) and we welcome them into the country.
“Our focus is to develop Elk-Antelope as quickly, efficiently in the best possible way, using minimal capital duplication, making maximum benefit of existing infrastructure in the country.
“We are not in any way being locked out of Elk-Antelope.
“We have bought our 23% and that is what we wanted. Our position is that InterOil and Total should abide by the spirit and terms of the joint operating agreement which provides us with pre-emptive
rights.
“So we are using a legal framework to ensure our rights are protected but behind all this, our desire to see as early as possible the most sensible development for PRL 15.”