The Oil Search Limited (ASX: OSH) share price is up 2.3% after the business gave an update on the Papua LNG Project in PNG.
Oil Search was established in Papua New Guinea (PNG) in 1929, where it operates all of the country’s producing oil fields, it holds an appraisal and exploration portfolio and has a 29% interest in the PNG LNG Project.
Oil Search shares are listed on both the Australian and Port Moresby security exchanges.
Oil Search’s Update
The PNG Government, represented by Minister for Petroleum Mr Kerenga Kua, said that after discussions the PNG Cabinet has agreed in principle to stand behind the Papua LNG Gas Agreement, which was signed by the PNG Government and the PRL 15 Joint Venture in April 2019.
In response, Oil Search Managing Director Peter Botten said: “Oil Search is committed to supporting the operator of Papua LNG (Total SA) and the Government, in resolving any final questions on Papua LNG Gas Agreement, so that the P’nyang Gas Agreement can be finalised and the PRL 15 and PNG LNG Joint Ventures can proceed into the Front-End Engineering and Design phase of the integrated three train development in a timely manner.
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