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Total to finalise funding source for Papua LNG in the Gulf

Staff Reporter | 11:00 PM | |
 TOTAL E&P PNG Limited, the operator of the Papua LNG in Gulf, says the company and its project partners will be finalising assessment to source funding for the project.
Managing director Philippe Blanchard made the remark while presenting an update on the project during the three-day Mining and Petroleum conference in Port Moresby yesterday.
“On project finance, we are finalising our assessment with the joint venture partners on what is the best organisation to maximise our capability to raise funds and secure the good project funding,” he said.
Blanchard said work on the final appraisal programme was in progress.
“For a short term perspective of what we are going to do in 2016, we will be finalising our appraisal programme,” he said.
“With the site being selected, we are working on the permitting, which in PNG is something not that simple.
“So we are engaged already on the location that we have already identified to secure the land and ensure that by the time we moved onto site preparation, everything is fine and we can move ahead without any trouble.”
Blanchard said the timing of the Papua LNG was driven by “the appraisal of our resources”.
“Unless we have a clear vision of where we are, it’s going to be very difficult to source our facilities,” he said.
“Secondly, we’ve heard a lot about the oil and gas environment that we are facing today.”