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.
Papua New Guinea
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.
Exxon Mobil Corp.’s $19 billion liquefied natural gas export project in Papua New Guinea may remain shut for six weeks after an earthquake rocked the country’s remote highlands, which are home to the venture’s upstream gas supplies, according to UBS Group AG.
A powerful earthquake rattled forest villages and a large gold mine in central Papua New Guinea on Monday, and the government sent officers to the region to assess unverified reports of fatalities and check the extent of the damage.
Exxon Mobil has announced it has flowed gas from its production well tests at the Muruk 1 sidetrack 3 well in Papa New Guinea.
ExxonMobil said today that gas had been struck on an onshore field in Papua New Guinea.
InterOil said today that ExxonMobil was still committed to buying the Papua New Guinea focused firm, despite a Canadian court’s decision to block the $2.5billion deal.
ExxonMobil and Oil Search has taken stakes in a pair of deepwater licenses offshore Papua New Guinea.
ExxonMobil is looking to agree sales contracts for spot cargoes to soak up excess production from its liquefied natural gas project in Papua New Guinea, a news report said.
Rawson Resources said it has secured a capital investmenr of $750,000 from a group of Papua New Guinea Investors for its operations in the region.
Total and Australia's Oil Search have agreed exclusive Memorandum of Understanding (MoU) to acquire InterOil in a $2.2billion deal .
InterOil said a second planned extended well test has commenced on Antelope-5 in Papua New Guinea.
Total has begun the drilling of the Antelope-6 appraisal well in Papua New Guinea.
Oil Search has completed a drilling update on two of its wells in Papua New Guinea and the Kurdistan Region of Iraq (KRG). The company said the Taza 3 ST1 oil appraisal well in KRG has been plugged and abandoned with the rig being demobilised. The forward plan is to evaluate the results of the drilling, together with the recently proposed seismic, prior to making further drilling decisions.
Oil Search has signed a statement of intent on the next phases of the Ramu Power Project in Papua New Guinea. The company said the agreement has been made with government-owned PNG Power Limited (PPL) on the project which is aimed at connecting up to one million people to a larger electricity grid by 2030.