Oil Search PNG has signed a deal to acquire a 40% stake in PPL 374 and PPL 375 licences from Gini Energy, which is owned by CNOOC.

Located 150km south of Port Moresby in the deepwater section of the Gulf of Papua, Papua New Guinea (PNG), the licences cover a combined area of 24,936km², in water depths ranging between 1,000m and 2,500m.

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A 40% interest in each licence will also be acquired by ExxonMobil, while Gini will retain 20%.

Operatorship of both licences will be transferred from Gini to ExxonMobil.

“This work identified the offshore Papuan Gulf as an area where there is significant gas potential.”

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 licences.

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“We are delighted to be partnering with ExxonMobil, which has significant experience in exploration and production in deepwater, and we also welcome the opportunity to work with CNOOC for the first time.”

Oil Search said that entering these licences is part of its strategy to focus on areas that can support its expanding LNG portfolio.

Completion of the agreements and Oil Search’s acquisition of the interests in these two licences is subject to conditions, including regulatory approvals.