Australian LNG producer Santos says agreement signed to clear way for Papua New Guinea LNG expansion
Australian LNG producer Santos said a final agreement had been signed to give a framework for the Papua New Guinea LNG expansion project that would more than double output.
Oil Search makes progress with LNG and oil assets in Papua New Guinea and on Alaska North Slope
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.
Australia-listed Oil Search says Papua New Guinea LNG expansion may proceed with less feed gas
The Papua New Guinea LNG expansion proposal to more than double current output could proceed with the single Papua Gas Agreement signed with the Government and consist of two new processing Trains instead of three Trains.
Oil Search is more optimistic on Papua New Guinea LNG expansion as cargo sales rise at lower prices
Oil Search, the Australian-listed company based in Papua New Guinea, said that discussions were continuing between PNG LNG plant operator ExxonMobil and the Oceania nation’s government on the LNG expansion project as cargo deliveries increased in the third quarter.
Papua New Guinea LNG flows normally as Oil Search helps indigenous people in PNG and Alaska
Oil Search, the Australian-listed company with a stake in the Papua New LNG export plant and its expansion project, said there had been no disruption of operations during the coronavirus crisis, while it has helped in the fight against the pandemic in PNG and Alaska.
Oil Search output rises on lower revenue and prices as optimism remains on PNG LNG expansion
Oil Search, the Papua New Guinea-focused oil and gas company listed in Australia, said its overall production increased by 5 percent, supported by a continued strong performance from the PNG LNG plant as talks continued on building three new processing Trains.
The LNG plant, located northwest of the capital Port Moresby, produced at an annualised rate of 8.7 million tonnes per annum in the first three months of 2020.
Total revenue from Oil Search’s overall operations from PNG to Alaska dropped 20 percent to US$395.4 million from US$446.7 in the previous quarter, impacted by a 13 percent fall in sales due to timing of shipments and the oil price drop.
Oil Search, headquartered in PNG and listed on the Australian Securities Exchange, said it was well placed to withstand a prolonged period of oil price weakness and advance its growth projects when market conditions improve.
The company noted that formal negotiations had been suspended in January on the LNG expansion between ExxonMobil, on behalf of the P'nyang co-venturers, of which it is part, and the PNG Government.
“Discussions have resumed with the State, aimed at reaching an agreement that is fair and balanced for all stakeholders,” said Oil Search.
“This agreement is required before the LNG expansion project can move into the front-end engineering and design phase,” it explained.
“Oil Search remains committed to progressing the three-Train integrated expansion project, a highly cost-effective development, at the appropriate time,” stated Oil Search.
The two existing LNG Trains at the plant northwest of Port Moresby have a nameplate capacity of 6.9 MTPA, though have consistently produced more and will be the site of any future expansion.
Three new liquefaction Trains are proposed in the delayed plan. The five Trains when operational would have capacity of nearly 20 MTPA and would give PNG a more substantial role as a regional producer.
The P’nyang gas field licence, controlled by PNG LNG plant operator ExxonMobil, also includes Australian-listed Santos as well as Oil Search.
The separate Papua Gas Agreement for other feed-gas resources has already been approved and signed.This comprises holders of the onshore PNG Elk-Antelope gas field licence, led by Total and also including shareholders in the P’nyang field lease, ExxonMobil as well as Oil Search.
Elk-Antelope onshore gas fields are covered by petroleum retention licence PRL15 and by the Papua Gas Agreement and the P’nyang onshore gas fields are in the PRL3 licence area of PNG.
“The first quarter of 2020 has been one of the most volatile periods in history for Oil Search and the global oil and gas industry in general,” said new Managing Director Keiran Wulff, who succeed Peter Botten.
“The company has taken swift steps to ensure that we are in the strongest position possible to weather a potentially protracted period of global disruption,” he added.
In its North American operations oil discovered at the Mitquq and Stirrup fields in Alaska, with flow rates above expectations
Oil Search chief steps down but still hopeful for Papua New Guinea LNG expansion plans
Oil Search, the Papua New Guinea-focused oil and gas company listed in Australia, reported an 8 percent drop in net profits because of lower prices as Managing Director Peter Botten handed over to his successor while expressing hope that the delay in the PNG LNG expansion project was only temporary.
Papua New Guinea starts final set of talks on feed-gas deal by year-end for LNG expansion
Papua New Guinea said it was preparing to start talks with ExxonMobil Corp. and partners in one of two feed-gas projects to negotiate better terms for the government and its holdings in the development of the PNG LNG expansion.
Oil Search reports ramp-up of PNG LNG after loading facility repairs with expansion on track
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.
