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Oil Search secures $15b funding for PNG LNG project

Oil Search secures $15b funding for PNG LNG project

Oil Search (ASX:OSH) has announced it has secured up to US$14 billion ($15.40 billion) worth of financing for its PNG LNG project.

The company said the funds will be more than enough to fund what it expected to be a US$13 billion project, on an agreed 70% gearing basis.

A multinational group of export credit agencies contributed US$8.3 billion to the funding commitments, with the remainder shared between a loan from ExxonMobil and a syndicate of 17 commercial banks.

Oil Search expects to make the first drawdown by mid-February 2010.

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