Repsol last week completed the acquisition of Canada’s Talisman’s Energy’s entire assets for US$8.3 billion (K22.47bn) or US$8 (K21) per share, making it the 15th largest oil and gas company in the world.
Sonk said Repsol was now positioned in the key exploration area of Western.
“Repsol has seen PNG as its growth area and decided to invest and we appreciate the confidence in the country.
“Repsol brings strong balance sheet to help explore in PNG and find more oil and gas resources. It means certainty to full development of the Stanley project (PDL 10) issued in 2014,” Sonk said.