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favours banks to fund png gas project

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    Oil Search Favours Banks to Fund PNG Gas Project

    CFO Nigel Hartley told investors yesterday, OSH was sceptical about the bond markets and was focusing more on bank debt and political risk insurance to fund its share of the Gas Project.

    In a move that may help raise money, OSH Management has flagged plans to sell some of its assets as it focuses on commercialising its stranded PNG gas resources. It may be possible OSH keeps a number of the Middle East assets.

    The company is also keeping an eye out for appropriate acquisitions - particularly in PNG.

    Oil Search said it expected to produce 9 million to 9.5 million barrels of oil equivalent this year - down from 9.8 million last year - primarily because of natural decline at its ageing PNG oilfields.

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