PNG Petroleum Development Licences
PNG Petroleum Retention Licences
Oil Search
(1) In October 2012, Oil Search entered into a farmout agreement with TOTAL, under which TOTAL may acquire a 50% interest.(2) In October 2012, Oil Search intered into a farmout agreement with TOTAL, under which TOTAL may acquire a 40% interest.(3) Oil Search has withdrawn from licence subject to Ministerial approval and registration.(4) An application to surrender the licence has been lodged for approval with the Minister.(5) Transfer of a 40% interest from Oil Search to TOTAL, as part of the the October 2012 farmout agreement, is subject to Ministerial approval.(6) Oil Search has agreed to sell a 10% interest to Esso PNG Exploration, subject to Misiterial approval, which would reduce Oil Search's interest to 40%(7) In November 2010, Oil Search entered into a farmin agreement with Rockwell Energy under which it holds a 30% interest and an option to increase its equity to 80%. Its interests are subject to completing assignment documents and Ministerial approval and registration. (8) In November 2010, Oil Search entered into a farmin agreement with Kina Petroleum under which it holds a 30% interest and an option to increase its equity to 70%. Its interests are subject to completing assignment documents and Ministerial approval and registration. In October 2012, Oil Search subsequently entered into a farmout agreement with Total, under which Total may acquire a 35% interest.(9) 40% paying interest.(10) 75% paying interest.(11) Tunisian Government has back-in rights of up to 50% of the licence on payment of past costs.