By HELEN TARAWA in Da Nang, Vietnam/ The National
Prime Minister Peter O’Neill held discussions with ExxonMobil’s development company officials in Vietnam last week and some announcements relating to the PNG LNG Project will be made in next year.
O’Neill said they were committed to seeing the project off the ground.
O’Neill, in Vietnam for the Asia-Pacific Economic Cooperation leaders’ summit in Da Nang, said the development company was responsible for new development of LNGs around the world.
He said discussions were centred on some of the developments and the work they were doing in P’nyang and Papua LNG.
The operator of Papua LNG is Total. ExxonMobil is one of the partners in the project.
O’Neill said they were committed to making sure that the project got off the ground
He said they would be making some announcements next year about the development agenda that is going to take place.
“We understand that the verification of the reserves is almost completed,” O’Neill said.
“There is a very good chance that they will develop a similar project to the first LNG.
“Discussions around engineering, construction and marketing of LNG is now taking place among the development partners.
“We expect the frontend engineering and design work to be announced around Apec 2018 and final investment decision soon after that.”
O’Neill said PNG would then consider its backing rights where it would indicate at what level it would participate in the development of Papua LNG in Gulf and the expansion of the current PNG LNG project.
“We have had early indications that we will fully participate to the levels allowed by our legislation. We will participate after 22.5 per cent of any new projects
taking place in the country,” O’Neill said.
“Those considerations and discussions are continuing and we are very happy with the positive outlook expressed by our partners ExxonMobil and Total.”
Prime Minister Peter O’Neill held discussions with ExxonMobil’s development company officials in Vietnam last week and some announcements relating to the PNG LNG Project will be made in next year.
O’Neill said they were committed to seeing the project off the ground.
O’Neill, in Vietnam for the Asia-Pacific Economic Cooperation leaders’ summit in Da Nang, said the development company was responsible for new development of LNGs around the world.
He said discussions were centred on some of the developments and the work they were doing in P’nyang and Papua LNG.
The operator of Papua LNG is Total. ExxonMobil is one of the partners in the project.
O’Neill said they were committed to making sure that the project got off the ground
He said they would be making some announcements next year about the development agenda that is going to take place.
“We understand that the verification of the reserves is almost completed,” O’Neill said.
“There is a very good chance that they will develop a similar project to the first LNG.
“Discussions around engineering, construction and marketing of LNG is now taking place among the development partners.
“We expect the frontend engineering and design work to be announced around Apec 2018 and final investment decision soon after that.”
O’Neill said PNG would then consider its backing rights where it would indicate at what level it would participate in the development of Papua LNG in Gulf and the expansion of the current PNG LNG project.
“We have had early indications that we will fully participate to the levels allowed by our legislation. We will participate after 22.5 per cent of any new projects
taking place in the country,” O’Neill said.
“Those considerations and discussions are continuing and we are very happy with the positive outlook expressed by our partners ExxonMobil and Total.”
Tags:
PNG