Papua New Guinea’s Kumul sells its first spot LNG cargo

Papua New Guinea’s national oil and gas company Kumul Petroleum said it had sold its first spot liquefied natural gas cargo produced at the PNG LNG project. The buyer is PetroChina International.

The firm announced in a statement on Wednesday that it was for the first time directly marketing LNG on the spot market from its share of the PNG LNG project that was not committed to long-term sales agreements.

Confirmed last month, the deal is to sell 144,000 cbm of LNG on FOB terms to PetroChina International following a tender process held in February.

Kumul said in the statement that the 2022-built 174,000-cbm LNG carrier, Wudang, was being loaded at the PNG LNG jetty at Caution Bay.

Managing director Wapu Sonk said Kumul has a 16.77 percent share in the PNG LNG project and this “entitles us to sell approximately 14 LNG cargoes over the next 4 years.”

Also, once Kumul concludes the acquisition of an additional 2.6 percent stake of the PNG LNG project from Australia’s Santos, this will provide the firm “with more LNG to sell on the spot market,” he said.

“We are currently in talks with other potential buyers who will be purchasing LNG shipments from us in the future,” Sonk said.

The ExxonMobil-operated PNG LNG project shipped 27 cargoes of LNG in the first quarter of 2024, down by one cargo compared to the same quarter last year and three cargoes less compared to the prior quarter, according to Santos.

Santos currently has a 42.5 percent stake in the LNG export plant in Caution Bay following the Oil Search merger, while ExxonMobil holds a 33.2 percent operating interest in PNG LNG which is able to produce more than 8.3 million tonnes of LNG annually.

Most Popular

Another FSRU arrives in Egypt

The 160,000-cbm FSRU Energos Eskimo has arrived in Egypt from Jordan, according to shipping data. The unit is one of four FSRUs that will serve a charter deal with Egypt's EGAS as the country seeks to meet its growing demand for natural gas.

Venture Global’s Plaquemines LNG to commission third jetty

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce hazardous fluids to the third jetty at its Plaquemines LNG export plant in Louisiana.

MOL’s LNG carrier to feature SOFC tech

Japan's MOL and South Korea's Samsung Heavy Industries have received approval from classification society LR for the design of a 174,000-cbm LNG carrier integrating solid oxide fuel fell (SOFC) technology.

More News Like This

ExxonMobil CEO expects Golden Pass LNG launch by end of this year

ExxonMobil CEO Darren Woods expects the QatarEnergy-led Golden Pass LNG export project in Texas to produce first LNG volumes by the end of this year. Separately, Golden Pass LNG is also seeking approval from the US FERC to increase peak workforce up to 10,300.

Golden Pass LNG moving forward with commissioning activities

Golden Pass LNG, a joint venture of QatarEnergy and ExxonMobil, is moving forward with the commissioning work at its giant LNG export facility in Texas with new approval from the US FERC.

Santos: PNG LNG shipped 28 cargoes in Q1

The ExxonMobil-operated PNG LNG project in Papua New Guinea shipped 28 cargoes of liquefied natural gas in the first quarter of 2025, up by one cargo compared to the same quarter last year and one cargo less compared to the prior quarter, according to shareholder Australia’s Santos.

Santos: Barossa project 95.2 percent complete

The Barossa gas project, which will supply feed gas to the Santos-operated Darwin LNG plant, is 95.2 percent complete and remains on target for first production in the third quarter of 2025, Santos said on Thursday.