25 Jul 2007

Merrill Lynch acquires equity in PNG gas field

7:19 am on 25 July 2007

Merrill Lynch has purchased a 40-point-45-per cent stake in Papua New Guinea's Uramu gas field.

Merrill Lynch is InterOil's partner in the LNG venture, to build Papua New Guinea's first liquefied natural gas plant.

The National reports work remains in progress to determine the level of gas resources at the Elk discovery in the Gulf province.

Australia's leading LNG producer Woodside Petroleum, said last Thursday it had completed its exit from PNG by selling its equity stake.