Total and partners ink deal with PNG for Papua LNG project

Total and its partners ExxonMobil and Oil Search have finally signed a fiscal stability deal with Papua New Guinea for the Papua LNG project.

The signing of this deal gives effect to the gas agreement the trio and the PNG government announced in April 2019. It will help in de-risking the proposed 5.4 million tons per annum project.

PNG Prime Minister James Marape said in a statement this deal “demonstrates Papua New Guinea’s commitment to the Papua LNG project and gives comfort and encouragement to the developers to progress the project.”

Total and partners ink deal with PNG for Papua LNG project
Image: Total

Previously, the partners planned to develop Papua LNG with an expansion of ExxonMobil’s PNG LNG adding three new production trains at the Caution Bay plant.

Under the deal signed this week, the partners would build two new production units at the PNG LNG site, sourcing gas from the Elk Antelope gas fields.

This means that the partners need to redesign the project before any engineering work.

Total operates the Elk and Antelope onshore fields and is the largest shareholder of the PRL-15 permit with a 31.1% interest, alongside partners ExxonMobil (28.3%) and Oil Search (17.7%), post the State back-in right of 22.5%.

- Advertisements -

Most Popular

EIG hires Shell’s Venter as CEO of its LNG unit

US-based energy investor EIG said it has named Shell's De la Rey Venter as chief executive officer of its...

Tellurian: early works progress at Driftwood LNG site

US LNG firm Tellurian and compatriot engineer Bechtel are moving forward with early site works for the Driftwood LNG...

Czech firm books capacity at Dutch Eemshaven LNG import hub

The Czech Republic, in cooperation with CEZ Group, has booked regasification capacity at Gasunie's LNG import hub in Eemshaven,...

More News Like This

QatarEnergy selects ExxonMobil as fourth partner for $28.75 billion LNG expansion project

US energy giant ExxonMobil is the latest international firm to join QatarEnergy's massive LNG expansion project, which will boost...

Kogas, TotalEnergies strenghten LNG ties

South Korean LNG importing giant Kogas said it has signed a deal with France's TotalEnergies to boost liquefied natural...

TotalEnergies takes stake in giant Qatari LNG expansion project

France's TotalEnergies said it had secured a stake in QatarEnergy's giant LNG expansion project which will boost Qatar's LNG...

Italy’s Adriatic LNG import terminal offers long-term regas capacity

Italy’s Adriatic LNG terminal, owned by ExxonMobil, QatarEnergy, and Snam, is offering in total about 147 bcm of regasification...