LNG

Feb 12 (LNGJ) - French major Total, operator of the Papua LNG feed-gas assets, and joint venture partners ExxonMobil and Australia-listed Oil Search have signed a Fiscal Stability Agreement with Papua New Guinea. “The Fiscal Stability Agreement is the final step envisioned under the Papua LNG Gas Agreement to guarantee Papua LNG fiscal stability,” said Oil Search. It follows the amendments to Acts passed by the PNG Parliament in November 2020.

   “We are pleased to see further progress achieved on Papua LNG,” said Keiran Wulff, Oil Search's Managing Director in regard to the PNG LNG expansion project to more than double current output. “It also demonstrates increasing alignment between the PNG Government and the joint venture partners. We look forward to progressing Papua LNG and announcing further milestones consistent with our Strategic Review,” added Wulff.

Oil Search, the company with LNG stakes in Papua New Guinea and oil assets in the North Slope of Alaska, posted a 37 percent increase in fourth-quarter revenues over the previous three months as prices recovered.

Oil Search, the Australian-listed company with LNG stakes in Papua New Guinea and oil assets in Alaska, posted a drop in second-quarter revenues and plans to reduce the global workforce by about one third by year-end to traverse the current industry challenges.

Oil Search, the Papua New Guinea energy company, said the PNG liquefied natural gas plant again posted high quarterly production, though suffered output disruption because of damage to the loading facility amid optimism for a final agreement before the end of 2019 on the LNG expansion project.