OSL unveils deal on four gas fields

OIL Search Ltd has announced its agreement to four new farm-in terms for exploration licences in PNG.
These farm-ins are PPL 276 in Gulf of Papua, west of Pandora and Pasca gas fields, PPL 338 and PPL 339 both located onshore immediately north of Gulf of Papua and PPL 312 at the northern Gulf of Papua, east of the Uramu gas field – all of which are subject to ministerial approval.
Oil Search said these acquisitions were part of its strategy to optimise licence holdings where there was potential for material gas accumulations that could underwrite future gas commercialisation.
With a number of gas discoveries being made in this area, these licences complement the company’s excellent licence holdings in the Highlands of PNG.
OSL managing director Peter Botten said the delivery of PNG LNG trains one and two and further gas-based developments in PNG were a strategic priority for Oil Search.
“The resources for expansion will be sourced from a combination of growth in reserves in existing gas fields and from exploration,” he said.