Oil Search Tuesday flagged the sale of a 3.5% stake in the Exxon Mobil-led LNG project in Papua New Guinea (PNG) to Abu Dhabi's International Petroleum Investment Co. (Ipic) and entered a coalbed methane (CBM) exploration venture to help drive its long-term gas expansion strategy. The sale to Ipic includes an interest in the PDL 2 license, which holds the Kutubu oil and gas field, and may be priced close to a similar US$800 million sale agreed in December by Australia's AGL Energy, one Sydney- based oil and gas analyst said (IOD Dec.19'08,p6). The terms are subject to board approval, which is expected in the "near future," Oil Search said in a statement.
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