Australia-based upstream company New Guinea Energy (NGE) has made an investment of some US$2.7 million (AU$3.55 million) in Karoon Gas Australia, representing about 18% of the company’s net assets.
NGE, focused in Papua New Guinea (ONG) exploration said the investment is in line with the firm’s strategy of shifting away from investing in few, high cost, high risk activities to more attractive investment opportunities aimed at maximizing returns for shareholders over the medium-to-long term.
The investment is also in line with the previous strategy of making strategic investments to take advantage of depressed oil and gas markets and also evolving the company’s activities outside of PNG.
Headquartered in Melbourne, Karoon Gas’ offshore projects are in three key geographies, such as Australia, Brazil and Peru.