Oil Search Ltd. announced that following the transfer of rights in the Petroleum Retention License (PRL) 15 joint venture (JV) operating agreement and license from InterOil to Total, all participants in PRL 15 unanimously voted to appoint Total E&P PNG Ltd. as operator of the PRL 15 JV.
The appointment will take effect in accordance with an operator transition plan and the terms of the JV operating agreement and is subject to all necessary Papua New Guinea government approvals.
Total has a 40.1% interest in PRL 15. InterOil Corp., Australia’s Oil Search Ltd. and minority shareholders hold 36.5%, 22.8% and 0.5% stakes, respectively.
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