Oil Search rejects A$l 1.6bn approach from Woodside Petroleum

摘要

EXPLORATION and development firm Oil Search has rejected an A$11.6bn (US$8.1 bn) all-share takeover bid from Australia's Woodside Petroleum. Oil Search is based in Papua New Guinea (PNG), and it operates all of the country's oil fields, with other operations in the Middle East. The company's main asset is a 29% stake in the PNG LNG project, which produces 6.9m t/y of LNG. It also has stakes in the country's undeveloped Elk and Antelope gas fields.