UPDATE 1-Papua New Guinea in talks to raise billions to fund oil, gas plans

April 14, 2015 6:18 AM

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SYDNEY, April 14 (Reuters) - Papua New Guinea's National Petroleum Company (NPCP) said it is looking to raise billions of dollars to help fund new oil and gas projects, as the South Pacific country battles a sharp slump in forecast revenue from a plunge in prices for the commodities.

NPCP holds a 16.6-percent stake in the PNG LNG project, which operator ExxonMobil Corp wants to expand, and has rights to take up to a 20-percent stake in the Elk-Antelope fields, the country's largest undeveloped gas resource.

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