Oil Search Limited
(ASX:OSH) and ExxonMobil have announced the financial completion of the PNG LNG project which came on-stream mid last year.
The energy developer says it will receive more than $US700 million in the project’s first distribution to co-venturers.
The company says there is an additional $US107 million of cash in escrow that will be released in light of the completion of the construction phase.
Managing Director Peter Botten says this is a major milestone for the project which has been operating reliably and at above expectations for more than eight months.
Oil Search reported a net profit of $161.8 million in the first half of the 2014 calendar year.
