22 Aug 2012

Oil Search says PNG expansion plans on track

6:47 pm on 22 August 2012

Papua New Guinea oil and gas producer Oil Search says its expansion plans in PNG are on track.

It says while there had been some political instability in PNG over the past 12 months, the recent national elections had no impact on the company's operations.

Oil Search expects to spend around two billion dollars this year on its contribution to the huge LNG project.

It says over time the project would more than double the country's GDP.

The company says its plans to sell down a stake of its Gulf of Papua project are progressing, with an announcement due next month.