Papua New Guinea reaches deal with Total, Exxon and others on $13-billion LNG project GlobeBusiness
Total’s partner Oil Search said the agreement would allow the parties to start engineering and design work for a project dubbed Papua LNG also involving Exxon Mobil.They now aim to make a final investment decision in 2020, targeting first production in 2024, Oil Search said.
The agreement was delayed after an earthquake hit PNG in February 2018, which sapped government resources and slowed negotiations over issues such as how much gas from Papua LNG would be reserved for the domestic market. At the same time, Exxon Mobil plans to add a third train at PNG LNG, to be fed with gas from its existing fields and a new field, P’nyang, down the track.Together, Papua LNG and the Exxon Mobil expansion are set to roughly double exports from the PNG LNG plant to 16 million tonnes a year. Analysts estimate the overall expansion will cost around $13-billion.
“Dialog is ongoing with the PNG government to conclude the required gas agreement for the P’nyang project,” Exxon Mobil said in an emailed statement.
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