Oil Search ups budget

OIL Search has slightly lifted its exploration budget for this year after finalising farm-in agreements for several prospecting licences in Papua New Guinea.

The company has raised its exploration budget for the year to a range of $US270 million ($363 million) to $US320 million. That compares with a previous forecast outlay of $US250 to $US300 million earlier.

The revision comes after the PNG-focused explorer struck a deal to buy a 30 per cent interest in a string of licences from US energy titan ExxonMobil.