Despite a recently announced planned capital raising, Australian-listed Oil Search, which has major stakes in Papua New Guinea’s emerging LNG sector, is a prime takeover target, as mergers become more likely in a low oil price world.
ExxonMobil’s PNG LNG expansion project risks being delayed several years after the government of Papua New Guinea rejected the US major’s proposed terms for the P’nyang field development.
Santos said it has signed an agreement to farm-in for a 20% interest in a licence in Papua New Guinea.
Total and Australia's Oil Search have agreed exclusive Memorandum of Understanding (MoU) to acquire InterOil in a $2.2billion deal .
Well testing will now be carried out at Raptor-1 to determine the hydrocarbon type, column, flow rate and reservoir quality. Raptor-1 is 12km west of Interoil’s Elk-Antelope gas field.