Asia
New horizons for PNG as Osaka Gas enters the fray
Jakarta: Horizon Oil is selling 40% of its Papua New Guinea assets to Osaka Gas of Japan for $204m, including $74m in cash on completion, a further $130 million in cash upon FID for an LNG project, plus potential production payments where threshold condensate production is exceeded.
“The principle objective of the partnership,” Horizon Oil said in a release, “is to grow and develop the PNG assets for the purposes of supporting a mid-scale LNG project located on the coast in Western Province.” [23/05/13]