Oil Search Ltd. Says LNG Project Wins ‘Vote of Confidence’

(Bloomberg, Port Moresby, 21 July 2009) Oil Search Ltd. said $600 million of spending on preparations for a Papua New Guinea liquefied natural gas (LNG) venture before a final decision on its construction is a vote of confidence for the Exxon Mobil Corp.-led project. Talks with banks on project financing will start this month, after key terms were agreed with export credit agencies late in the second quarter. The project will deliver LNG to Japan, China and Taiwan amongst others.