Papua New Guinea

Santos moves closer to completing entry into key PNG permit

SANTOS has moved closer to completing its move into a key Papua New Guinea permit with the signing a binding letter of intent (LOI) which sets out the terms by which the Australian company will purchase a 14.32% equity interest in Petroleum Retention Licence (PRL) -3. PRL-3 contains the giant P’nyang gas field, which the licence participants ExxonMobil, Total, Oil Search, JX Nippon and soon Santos, propose to develop in

Oil Search says PNG could double its LNG production in near future

PNG is on the threshold of substantial new investment that could double its LNG production in the coming years, according to the country’s leading petroleum company. Oil Search managing director, Peter Botten, made this forecast whilst advocating major new infrastructure must be developed in a responsible and sustainable way. Speaking at the PNG Petroleum and Energy Summit in Port Moresby, Mr Botten said the global LNG market is highly competitive

Investment Conference provides a key update on the state of PNG resource sector

ALL roads will lead to Sydney in early December when the PNG Chamber of Mines & Petroleum hosts the 15th Papua New Guinea Mining & Petroleum Investment Conference The key figures behind the PNG resource sector will be in attendance to provide a crucial update on the state of the country’s mining and petroleum sectors. They will be joined by PNG’s political leaders who will provide the government’s view of

Papua LNG JV signs agreement with PNG Government

IN a major milestone in the further development of Papua New Guinea’s LNG industry, the Total-led Papua LNG consortium has signed a Memorandum of Understanding (MOU) with the PNG Government. The Papua LNG JV is proposing to develop the massive Elk-Antelope gas discoveries to provide the base for a major expansion of PNG’s already highly successful PNG industry. Papua New Guinea’s own gas powerhouse, Oil Search Ltd (a member of

Leading oil and gas companies launch legal action against PNG Government

 A CONSORTIUM of international oil and gas companies has launched legal proceedings against the PNG Government over the proposed cancellation of one of the country’s most high-profile petroleum licences. Discussions between PNG Petroleum Minister Dr Fabian Pok and members of the PDL-10 licensees including global Spanish energy company Repsol (Operator), PNG national oil company, Kumul Petroleum, Horizon Oil and Osaka Gas, have fallen through with regard to the Minister’s notices

Three train LNG expansion in PNG to move to FEED soon

LEADING PNG oil and gas company Oil Search Ltd believes a proposed three LNG train expansion and development will be ready to enter FEED in the second half of this year. Oil Search’s managing director, Peter Botten, told a company meeting today that the various partners in the PNG LNG and Papua LNG ventures had now agreed on the three train concept. The be constructed in the PNG LNG plant

PNG drilling success adds to Exxon’s award winning year

DRILLING success in Papua New Guinea has helped ExxonMobil to be named 2017 Explorer of the Year by the World Oil and Gas Council. “This award is recognition of ExxonMobil’s successful efforts to strengthen our portfolio by accessing and discovering the highest quality resources,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This recognition would not be possible without the dedication of our employees and their daily commitment to safety

InterOil disposes of downstream assets

INTEROIL Corporation has offloaded its refinery and fuels marketing businesses in Papua New Guinea to Puma Energy for US$525.6 million. Under the deal, which represents Puma’s first investment in PNG, the company has purchased InterOil’s subsidiary companies which hold an extensive network of fuel terminals, retail service stations and aviation facilities. This will make the company PNG’s major supplier of fuel. The acquisition will be funded from Puma’s existing bank

Horizon plans after Roc deal collapse

HORIZON Oil said it remained committed to creating wealth for shareholders following the collapse of a proposed $800 million merger with Roc Oil. Horizon was forced to terminate the all-scrip merger with Roc after the latter was handed a superior US$450 million takeover offer from private Chinese firm Fosun International. The Roc board unanimously recommended its shareholders accept the Fosun offer, of 69 cents for all of Roc’s issued shares.

Oil Search to determine gas growth in PNG

ONE OF Oil Search’s key objectives for 2014 is to determine how much gas is available in its PNG licence portfolio to provide gas feedstock for additional LNG production. The company made its intention known in its half-year report for 2014 to the Australian Securities Exchange in August. It said it had extensive interests in two major gas hubs, the NW Highlands and the Papuan Gulf basin, both of which