Papua new Guinea sells stake in oil search

摘要

Papua New Guinea (PNG) has sold its 10pc stake in Australian independent Oil Search, which is working with ExxonMobil and Total to increase LNG exports from the country. The sale could leave Oil Search open to a takeover. State-owned Kumul Petroleum sold its remaining stake in Oil Search last month, based on the anticipated return on investment associated with a complex loan arrangement connected to the shares. Kumul is still responsible for PNG’s 16.77pc stake in the ExxonMobil-operated 6.9mn t/yr PNG LNG project, and the government says it has maintained a good working relationship with Oil Search.