Oil Search Focuses on Papua New Guinea LNG Project After Middle Eastern Asset Sale

Oil Search Ltd has secured $200 million from selling Middle Eastern assets to concentrate on its Papua New Guinea LNG project. The funds will reduce capital requirements and support Oil Search's share in the PNG LNG project, developed in partnership with ExxonMobil, Santos Ltd, Energy Ltd, and Nippon Oil. The project aims to commercialize fields in the Southern Highlands and Western Provinces, with LNG to be piped to a facility near Port Moresby for export to Asia, targeting initial exports by 2013.

Published Mar 23, 2026

Oil Search Ltd has raised $200 million from the sale of Middle Eastern assets to focus on its liquefied natural gas (LNG) project in Papua New Guinea (PNG). This funding will help reduce immediate capital requirements and support Oil Search's involvement in the PNG LNG project, developed with partners including ExxonMobil and Santos Ltd.

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The project aims to commercialize fields in PNG's Southern Highlands and Western Provinces, with LNG transported to a facility 20 km north-west of Port Moresby for export to Asian markets, including potential customers in Thailand. The initial development cost is projected at $11 billion, with first LNG exports scheduled for 2013.