27 Jul 2005

PNG oil company moves into Middle East

9:48 am on 27 July 2005

An oil company in Papua New Guinea is moving into the Middle East.

Oil Search was awarded two exploration areas in Yemen, and is awaiting news of a product sharing agreement for a third area.

Oil Search managing director Peter Botten said the highly prospective areas offer good access to existing infrastructure.

He says Oil Search are planning an active exploration program in Yemen over the next three years.

Recent high oil prices combined with better production in the June quarter saw Oil Search's operating revenue increase 76-percent to 148-point-4 million US dollars from its operations in PNG.