Supermajor ExxonMobil and independent Oil Search have taken stakes in two deepwater licenses offshore Papua New Guinea, in the southwest Pacific.
The move will see the two firms each take a 40% stake in the PPL 373 and PPL 375 licenses from Gini Energy, which is owned China's CNOOC. Gini will retain 20% in the licenses and ExxonMobil will become operator.
The licenses are about 150km south of Port Moresby in the deep water section of the Gulf of Papua, PNG, and cover a combined area of 24,936sq km, with water depths ranging between 1000-2500m.
The completion of the farm-in agreements and Oil Search’s acquisition of the license interests is subject to conditions precedent, including regulatory approvals.
ExxonMobil is operator of the Papua New Guinea (PNG) liquefied natural gas (LNG) joint venture comprising Oil Search, Santos, National Petroleum Company of PNG, JX Nippon Oil and Gas Exploration, Mineral Resources Development Company, and Petromin PNG.
The PNG LNG project is an integrated development that includes gas production and processing facilities in the Hela, Southern Highlands and Western Provinces of Papua New Guinea, including liquefaction and storage facilities.