Oil and gas giant Total has signed five licensing agreements with Oil Search to operate for the first time in Papua New Guinea (PNG).
The deal means both companies will hold equal interests in each of the five licences in the onshore and offshore Gulf of Papua New Guinea region of PNG. "The completion of this transaction will mark the first entry of Total Exploration and Production into PNG," Oil Search said in a statement on Tuesday. Sydney-based Oil Search said the focus of the transaction was to explore and develop the prospective offshore gulf and eastern forelands area. ISLAMABAD: The Asian Development Bank (ADB) is significantly scaling back 2012 and 2013 growth forecasts for developing Asia, saying that after years of rapid growth, the region must brace for a prolonged period of moderate expansion amidst an ongoing slump in global demand.
In its Asian Development Outlook 2012 Update, released on Wednesday, ADB projects the region's gross domestic product (GDP) growth dropping to 6.1% in 2012, and 6.7% in 2013, down significantly from 7.2% in 2011. Asian Development Outlook and Asian Development Outlook Update are ADB's flagship economic reports analyzing economic conditions and prospects in Asia and the Pacific, and are issued in April and October, respectively. The report notes that the ongoing sovereign debt crisis in the euro area and looming fiscal cliff in the US could have disastrous spillovers to the rest of the world, particularly developing Asia. |
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