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BRIEF-Oil Search updates on agreements signed under the Ramu power project

Published 15/12/2015, 12:24 pm
© Reuters. BRIEF-Oil Search updates on agreements signed under the Ramu power project
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Dec 15 (Reuters) - Oil Search Ltd OSH.AX :

* Agreements signed under the ramu power project OSH.AX

* Signed two power purchase agreements (PPAS), the biomass independent power producer (IPP) PPA and highlands IPP PPA

* Says Oil Search and PPL are also working closely together to progress the next stage of development

* Says RPP aims to provide up to 100 mw of additional electricity generating capacity in a phased rollout

* Anticipate farming down interests in power projects, both expected to achieve commercial rate of return, to strategic and financial partners

* Deal with government-owned PNG Power Ltd (PPL), as part of a long-term strategy to develop solutions for png's power sector

* Says once established, the project is expected to create over 500 permanent full time jobs in the local area

Source text for Eikon ID:nASXbGCJp0

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