PPLs 374 and PPL 375 are around 150 km (93 mi) south of Port Moresby in the deepwater Gulf of Papua, in water depths ranging from 1,000-2,500 m (3,281-8,202 ft). They span a total area of 24,936 sq km (9,628 sq mi).
Subject to regulatory and other approvals, operatorship of both licences will transfer from Gini, a subsidiary of CNOOC, to ExxonMobil.
Oil Search managing director Peter Botten said: “During 2015/16, we undertook a comprehensive study of exploration opportunities in PNG. This work identified the offshore Papuan Gulf as an area where there is significant gas potential, with several multi-tcf gas leads and prospects already delineated in these licenses…
“Entering these licences is consistent with the company’s strategy to focus on areas that have the potential to support the company’s expanding LNG portfolio.”
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