State-owned Kumul Petroleum has made an offer to purchase a further five per cent of the PNG LNG project from Santos. The US$1.4 billion move looks set to position it to play a greater role in the future of Papua New Guinea’s oil and gas sector with global LNG demand increasing.
The progress of Papua New Guinea’s next major gas project, Papua LNG, appears on schedule as operator TotalEnergies announces the project is entering its front end engineering and design (FEED) stage. The company is promoting the project’s low carbon credentials.
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?
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’.
Papua New Guinea’s Tourism Promotion Authority reveals bleak outcome for 2020, Kumul Petroleum Holdings gets three petroleum retention licenses and new equity holders for PNG LNG. The business news in brief.
Oil Search is a key partner in the next wave of gas projects in Papua New Guinea but has faced a tough year. Business Advantage PNG speaks with Managing Director Dr Keiran Wulff on the company’s future in PNG and the rich potential of its gas reserves.
The delaying of negotiations over ExxonMobil’s proposed plan to develop the P’nyang gas field has led analyst Fitch Solutions to downgrade Papua New Guinea’s LNG export projections.
The signing of a fiscal stability agreement between Papua New Guinea and French oil major Total looks set to trigger the FEED phase of the multi-billion dollar Papua LNG project. Wapu Sonk, Managing Director of national oil company Kumul Petroleum, tells Business Advantage PNG the signing is expected within the next two weeks.
Oil Search has announced in a recent strategy update that it will continue to reduce costs and pull back on exploration. However, the company says it intends to make the Papua LNG project a priority.