PNG to seek more from Exxon on P'nyang deal than Total's Papua LNG
Papua New Guinea will press Exxon Mobil Corp for "far better" terms on its P'nyang gas project than the government secured in a recent agreement with Total SA for its Papua LNG project, the country's petroleum minister said.The P'nyang field will help feed an expansion of Exxon's PNG LNG plant. If negotiations for the project are protracted, that could delay Exxon's $13 billion plan with Total's Papua LNG to double the country's liquefied natural gas exports by 2024.Talks on P'nyang were put on hold earlier this year when the government sought to revise Total's Papua LNG agreement.
$13 Bln Papua LNG Project Pushes Ahead
France's Total and its partners signed a long-awaited deal with Papua New Guinea on Tuesday that will allow initial work to start on a $13 billion plan to double the country's liquefied natural gas exports.Developing the Pacific island nation's gas reserves is seen as crucial to its economy as LNG is its biggest export earner, while demand for the fuel is surging globally.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…
Oil Search Profit Soars, Now Focusing on Gas Projects
Oil Search sees PNG LNG expansion agreement by late 2017. Australia's Oil Search Ltd reported a five-fold jump in half-year profit on higher oil and gas prices and lower costs, and said it expects its partners to agree by year-end on how to coordinate development of their Papua New Guinea gas projects. Net profit surged to $129.1 million for the six months to June, in line with three analysts' estimates, while the oil and gas explorer boosted its dividend by a cent to 4 cents a share. Oil Search is a partner in the PNG LNG project and P'nyang field…
ExxonMobil's InterOil Offer a model for Bottom Fishing: Russell
ExxonMobil Corp's bid to buy a junior natural gas explorer in a remote Pacific country shows that rare corporate ability of planning a deal at the bottom of the commodity cycle that holds the promise of long-term returns. ExxonMobil has offered at least $2.2 billion for InterOil Corp in order to obtain the smaller company's natural gas assets in Papua New Guinea. In doing so, the world's biggest listed oil company has trumped an offer from Australia's Oil Search, which was backed by French major Total. At first blush the logic for the deal may seem somewhat lacking…
Oil Search, Total Ink InterOil Assets Deal
MoU signed between Oil Search and Total. Oil Search to sell down 60% of the interest acquired from InterOil in PRL 15 and 62% of InterOil’s exploration assets to Total, subject to closing the InterOil acquisition. Oil Search Limited and Total SA have entered into an exclusive Memorandum of Understanding (MoU). This follows Oil Search’s agreement to acquire InterOil Corporation (InterOil). • Oil Search will sell down 60% of InterOil’s interests in PRL 15 and 62% of InterOil’s interests in its other exploration assets to Total following the successful completion of Oil Search’s acquisition of InterOil.
Exxon's $19 Bln PNG Plant could change country's fortune
ExxonMobil's $19 billion liquefied natural gas (LNG) project in Papua New Guinea, which is shipping its first cargo, is set to dramatically transform one of Asia-Pacific's most unstable countries, for better or for worse. The LNG venture, which is expected to produce more than 9 trillion cubic feet of gas over 30 years, is the largest private investment in the South Pacific nation's history. ExxonMobil is relying on projects like this one for much-needed production growth, while the Papua New Guinea government hopes it might double its $15 billion dollar economy, now slightly larger than Botswana's.
When Will Deep Sea Mining Commence? The Robot is Ready
The world's first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea (PNG) - when a wrangle over terms is solved. Beyond PNG, in international waters, regulation and royalty terms for mining the planet's subsea wealth have also yet to be finalised. The world waits for the judgement of a United Nations agency based in Jamaica. "If we can take care of the environment we have a brand new day ahead of us. The marine area beyond national jurisdiction is 50 percent of the Ocean…
ExxonMobil:PNG LNG exports starting mid-year
ExxonMobil Corp is on track to start exporting liquefied natural gas from Papua New Guinea by mid-year, ahead of schedule and below its $19 billion budget, the manager of the PNG LNG project said on Wednesday. The project has started commissioning a gas conditioning plant in PNG's highlands, where the gas is drilled, a 292 kms (180 miles) onshore pipeline has been completed and the first of two units at the LNG plant is ready, project manager Decie Autin said. First cargoes are expected mid-year, she said, declining to confirm reports that exports would start in July. "It was going to be October.
