The parties have agreed that the current redefinition procedure initiated in December 2020 will be discontinued.
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Oil Search, which is focused on Papua New Guinea, and its joint venture partners in the PNG LNG Project entered into a commercial agreement to redefine its holdings, it said on September 30.
The parties have agreed that the current redefinition process, which began in December 2020, will be discontinued and that any future redefinitions that as part of the coordinated LNG development and operation agreement of PNG, will be canceled and no adjustment of the participations will be made in the PNG-LNG project.
As part of this agreement, Oil Search is entitled to a carried interest of 176 million After 2024, this carry can be reduced or increased once the results of future drilling activities are assessed, Oil Search said Participants in the PNG-LNG project currently include ExxonMobil (33.2%), Oil Search (29%), Kumul Petroleum (16.8%), Santos (13.5%), JX Nippon (4.7%) and MRDC (2.8%).
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