AGL sells LNG stake
AGL Energy has completed the sale of its oil and gas interests in Papua New Guinea (PNG) for A$1.127bn. The sole buyer of the bulk of the interests for US$795m was Merlin Petroleum Company (Merlin) – an existing co-venturer and an affiliate of Nippon Oil Exploration Ltd. A pipeline licence interest was also sold for US$5m and split approximately 50/50 between Merlin and an existing landowner company – Petroleum Resources Kutubu Ltd.
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