A deal struck between ExxonMobil (NYSE:XOM) and the government of Papua New Guinea (PNG) earlier this year will ensure that the Pacific Island nation will remain a major force in the global market for liquefied natural gas (LNG) for years to come, according to a report by Fitch Solutions. Significantly, the government secured “highly favourable terms.”
The ExxonMobil-led (NYSE:XOM) PNG LNG joint venture have taken a final investment decision on the Angore upstream development that will help backfill the export plant in Papua New Guinea (PNG).
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.
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.
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.
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.