With major new resources projects still in play, and new players entering the market, this election year will be one to watch in Papua New Guinea. Business Advantage PNG talks to the country’s business leaders about the year ahead.
Papua LNG
With a gas agreement finally executed for the US$10 billion ExxonMobil-led P’nyang gas project, and a start date provided for front end engineering and design for TotalEnergies’ Papua LNG project, Papua New Guinea’s energy sector now has a clear roadmap for the rest of the decade.
Total E&P’s MD outlines Papua LNG schedule, the Internal Revenue Commission signs Memorandum of Agreement with the SME Corporation and Air Niugini to resume services to Sydney. The business news you need today.
Wapu Sonk, Managing Director of Kumul Petroleum, says that Papua New Guinea’s oil and gas sector is looking ‘much stronger’ with the Papua LNG project set to have its final investment decision in 2023. But, he told the 2021 Business Advantage PNG Investment Conference, that proposed changes to the country’s oil and gas law have been delayed.
After the stalling of previous talks, ExxonMobil and the Papua New Guinea government have announced negotiations are recommencing for the P’nyang gas project.
The merger of two of the major players in Papua New Guinea’s oil and gas sector has taken a major step forward, with Santos and Oil Search agreeing terms. What would it mean for PNG?
The Australia–Papua New Guinea Business Council is holding its 36th business forum and trade expo this week in Brisbane. Business Advantage PNG reports from the event, which is both a physical and online event this year.
Kumul Petroleum has announced that the PNG government has negotiated an additional seven per cent equity with future joint venture projects with Total after ‘remobilisation talks’ regarding the Papua LNG project in Paris last week.
There are signs of a renewed effort to push ahead on the Total-led Papua LNG project after successful meetings between the company’s CEO and a senior government delegation.
Having emerged from the ‘most challenging’ year in its 92-year history, Oil Search Ltd is now facing an escalation of COVID-19 infections in Papua New Guinea. In spite of this, shareholders at its annual general meeting were told PNG’s largest company is ‘coming through the challenges well’.