Oil Search Ltd says financing for the 11 billion US dollar Papua New Guinea liquefied natural gas project is on schedule and offtake interest from buyers remain strong.
The company, PNG's largest oil producer, says money is available for well-structured and high-quality projects despite the major downturn in financial markets.
The company's managing director, Peter Botten, says financing remains on schedule to meet the targeted final investment decision date of late 2009.
He says buyer interest is strong and negotiations have started with a number of selected LNG offtakers during the quarter.
The project aims to commercialise a number of fields in the Southern Highlands and Western Province of PNG, which will be treated and then piped to a storage facility 20 kilometres north-west of Port Moresby.
First production is expected between 2013 and 2015.
