The government of Papua New Guinea (PNG) is pushing for a bigger shareholding of the ExxonMobil-led PNG LNG export project. The latest move was triggered by the proposed merger of Santos (ASX:STO) and Oil Search (ASX:OSH), both of which hold stakes in PNG LNG.
Papua New Guinea
ExxonMobil (NYSE: XOM) and Papua New Guinea (PNG) have agreed key terms for the P’nyang development that could expand the current PNG LNG export project.
The government of Papua New Guinea (PNG) has raised concerns that Santos’ proposed $15.5 billion merger with Oil Search could harm national interests in the liquefied natural gas (LNG) exporting country.
Santos and Oil Search have agreed a merger deal that will create a A$21 billion ($15.5 billion) Asian oil and gas producer, confirming terms agreed on last month.
The government of Papua New Guinea (PNG) has again changed the agreed fiscal terms for Twinza Oil’s proposed Pasca A gas project, which would be the country’s first offshore development. Significantly, the move underscores the increasing political risk for resource investors, such as ExxonMobil, in the Pacific Island nation.
TotalEnergies and its partners are targeting to start front-end engineering and design (FEED) work at the Papua liquefied natural gas (LNG) project, led by the French company, next year. Significantly, ExxonMobil could also be close to cutting a critical deal with the Papua New Guinea (PNG) government that would help expand the development.
Following Santos' proposed takeover offer for Oil Search, which has major stakes in Papua New Guinea’s emerging LNG sector, a bidding war could emerge. Likely acquirers include ExxonMobil and TotalEnergies, both of which have big shares in the PNG projects.
Australia’s Santos said today that it approached compatriot Oil Search about a potential merger last month. However, the offer to create an energy company with a market value of $16.1 billion was rejected by Oil Search, which has major stakes in Papua New Guinea’s (PNG’s) emerging liquefied natural gas (LNG) sector.
Oil Search managing director Keiran Wulff has suddenly resigned from the Australian-listed company following complaints about his behaviour and ill health. This leaves the Papua New Guinea-focused oil and gas producer in an uncertain position as it seeks new leadership.
Abu Dhabi’s sovereign wealth fund Mubadala Investment Company has offloaded a A$363 million ($273 million) share in Oil Search, which has major stakes in Papua New Guinea’s emerging liquefied natural gas (LNG) sector.
Total has set out plans to get the Papua LNG plan back on track, following the declaration of force majeure on its Mozambique LNG project.
Twinza is suspending the development of its Pasca A offshore project in Papua New Guinea (PNG) after the government reneged on a previous agreement and increased its demands.
Santos said today that its largest shareholder had sold about one third of its stake worth A$785 million ($603.7 million) in the Australian gas producer. This ends a strategic relationship with ENN Group, which is one of the largest gas distributors in China.
New upstream oil and gas projects worth about $15 billion will be sanctioned in Australasia this year, according to Rystad Energy’s forecast, marking a huge boost compared to the $1.2 billion committed to new projects in 2020.
The delayed Total-led liquefied natural gas (LNG) export development in Papua New Guinea (PNG) has signed a key fiscal stability agreement with the government. This marks a significant step in de-risking the proposed 5.33 million tonne per year Papua LNG scheme.
More assets are expected to hit the market across Asia Pacific this year following the sustained drop in global oil prices and the COVID-19 pandemic, which has destroyed energy demand growth as economic activity contracts.
Lower long-term LNG prices could encourage coal-to-gas switching in Northeast Asia, while Chinese LNG demand is also expected to expand this year, albeit at a slower rate, as China gets back to work.
Despite a recently announced planned capital raising, Australian-listed Oil Search, which has major stakes in Papua New Guinea’s emerging LNG sector, is a prime takeover target, as mergers become more likely in a low oil price world.
ExxonMobil’s PNG LNG expansion project risks being delayed several years after the government of Papua New Guinea rejected the US major’s proposed terms for the P’nyang field development.
Exxon Mobil Corp.’s partner on a Papua New Guinea gas project that’s threatened by failed talks with the government hit back at the state’s position on Monday, saying its terms were uneconomical.
Oil Search’s LNG project in Papua New Guinea continued strongly in the third quarter but progress on a new three-train liquefaction plan is moving more slowly than had been expected.
Papua New Guinea (PNG) has approved Total to proceed with the Papua gas project – but subsequent projects will be carried out under a new system.
Nine days after a massive earthquake and more than a hundred aftershocks shook Papua New Guinea -- including a 6.7 magnitude hit early Wednesday -- the Pacific nation is struggling to access villages cut off by landslides and secure safe drinking water.
At least 55 people have been confirmed dead and authorities fear the toll could exceed 100 from last week's powerful earthquake in Papua New Guinea.
ExxonMobil's LNG plant in Papua New Guinea will be unable to produce for about eight weeks due to an earthquake strike last week, a news report said.