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Papua LNG project agreement
Total and partners ExxonMobil and Oil Search have signed a Memorandum of Understanding (MoU) with the Papua New Guinea (PNG) government, defining the key terms of the proposed gas agreement for the Papua LNG Project.
Total is the operator of the Elk and Antelope onshore fields and is the largest shareholder in the PRL-15 licence, holding a 31.1% interest, alongside partners ExxonMobil (28.3%) and Oil Search (17.7%), post the state’s back-in right of 22.5%.
The Papua LNG Project will encompass two LNG trains of 2.7mn t/y each and will be developed in synergy with the existing PNG LNG project facilities. Total and its partners recently agreed to launch the first phase of engineering studies for the project, which will ‘benefit from its favourable geographical location close to Asian markets’ according to Patrick Pouyanné, Chairman and CEO of Total.
News Item details
Journal title: Petroleum Review
Region: Asia-Pacific
Countries: Papua New Guinea -
Subjects: Gas markets, Liquefied natural gas
