Oil Search has slightly raised its 2017 exploration budget after finalising farm-in agreements for several prospecting licences in Papua New Guinea.
The company has raised its exploration budget for the year to $US270-320 million ($A363-$A430 million), from $US250-300 million earlier, after agreeing to acquire a 30 per cent interest in PPLs 474, 475, 476, 477 and PRL 39 from ExxonMobil.
The onshore licences are in close proximity to the Elk-Antelope gas fields that will supply gas to the Papua LNG project, in which OIl Search has a 22 per cent interest.
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