Png Oil Quest
p. 57 · Read in the full issue
The Papua New Guinea Government has signed agreements with a consortium of seven companies to explore for petroleum in the Gulf Province.
The agreements are subject to ratification by parliament.
Initial expenditure will be more than KlO million. The operation will be in charge of Esso PNG Ltd, which is a subsidiary of Esso Aust Ltd which, in turn is a subsidiary of Exxon, the biggest oil company in the world. The government will take up a 25.5% interest in development, only after discovery of petroleum in commercial quantities. Two wells will be drilled in 1977, one offshore, 40 miles east of Daru, and the second at the mouth of the Fly River delta.