Oil Search eyes expansion of Papua New Guinea project with Exxon

|About: Oil Search Ltd. (OISHF)|By:, SA News Editor

Oil Search (OTCMKTS:OISHF), Exxon Mobil's (XOM +1.1%) biggest partner in its natural gas project in Papua New Guinea, says it believes enough new gas will be found in the country to justify a significant expansion of its processing facilities there.

Sufficient natural gas probably exists in PNG's highlands, including at a field called Hides, to warrant adding at least one train to its existing facility, Oil Search CEO Peter Botten says.

The Papua New Guinea development is a key part of XOM's efforts to expand oil and gas production, whcih has fallen each year since 2010.