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Oil Search to reap PNG LNG cash flows as project deemed complete

2015-02-06 09:59:58| Oil & Gas - Topix.net

Oil Search is set to enjoy a bounty of more than $US800 million to redirect toward LNG expansion after the $US19 billion Papua New Guinea liquefied natural gas project was deemed financially "complete" for its lenders. Some $US700 million of the total is Oil Search's first share of cash flows from the project since it began production eight months ago while the rest is the funds held in escrow to satisfy the company's lenders that will now be released.

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