Oil Search Signs Agreement for LNG Project Study

Oil Search Ltd said it has signed a cost sharing agreement (CSA) with its joint venture participants in the Hides, Angore and Juha fields, to study the opportunity to develop a liquefied natural gas (LNG) project. An estimated $60mis expected to be spent on the LNG project studies over the next year with Oil Search expected to fund a minimum 32 pct of the CSA. Oil Search said the joint venture partners have an option, up until the end of June 2007, to participate in the CSA studies and Oil Search is presently reviewing this option as part of assessing its overall direction in developing LNG. Source: AFX