Tokyo (ANTARA News/Asia Pulse) - Nippon Oil Corp. (TSE:5001) said Wednesday that it has acquired four exploration licenses for potential natural gas and oil fields in Papua New Guinea (PNG) through a wholly owned unit.
Nippon Oil Exploration Ltd. purchased the licenses from Oil Search Ltd. (ASX:OSH), a PNG oil and natural gas exploration company, for an undisclosed sum.
Each license gives Nippon Oil Exploration a 10-20 per cent interest in a single field. The firm hopes to commence joint exploration activities with Oil Search between 2009 and 2011.
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