Osaka Gas enters into agreement to participate in condensate and gas development project in Papua New Guinea
Osaka Gas has reached an agreement with Horizon Oil Limited (“Horizon Oil”) for its acquisition of part of the licences in Papua New Guinea currently held by Horizon Oil to develop condensate and natural gas resources.
Horizon Oil has been engaged in a project to commercialize condensate and natural gas towards 2015. Osaka Gas, through this agreement, will acquire part of the interest held by Horizon Oil in its three licences in the country. The acquisition is subject to approvals of the PNG government and the existing joint venture partners in the licences.
In addition, the western region of Papua New Guinea has gained increasing attention for its prospect of additional gas reserves. With acquisition of the interest in the licences, Osaka Gas plans to participate in exploration activities with Horizon Oil and its joint venture partners. The company also intends to conduct studies to examine opportunities for developing an LNG project in the country with them.
The decision of Osaka Gas to participate in the project has been made as part of its long-term business vision ‘Field of Dreams 2020’ in which the company intends to broaden its scope of activities along the energy value chain in international energy markets. The company believes that its involvement in the project in PNG would bolster its efforts to gain stable revenue and to achieve economical procurement of LNG over the long term.
1.Overview of this project
||Western Province, Papua New Guinea
- Petroleum Retention Licence (PRL) 4
- Petroleum Retention Licence (PRL) 21
- Petroleum Prospecting Licence (PPL) 259
||Condensate and natural gas
|Start of Commercial operation:
3.Horizon Oil’s profile
Horizon Oil Limited (‘Horizon Oil’) is listed on the Australian Stock Exchange (‘ASX’) and is one of Australia’s leading junior oil and gas companies. Horizon Oil has approximately 1,135.3 million shares on issue and a market capitalisation of around A$477 million (May 2013).
Head office: Level 7 134 William Street Woolloomooloo NSW 2011 Australia
Representative: Brent Emmett, CEO