Oil Search Encouraged By PNG govt's Position On Papua LNG

Oil Search Managing Director Peter Botten says in a press statement today they are encouraged by the statement by the PNG Minister for Petroleum Kerenga Kua that the National Executive Council has agreed in principle to stand behind the Papua LNG Gas agreement which was signed by the government and the PRL 15 joint venture in April.

OilSearch CEO  Peter Botten 

He said Oil Search is committed to supporting the operator of Papua LNG (Total SA) and the Government, in resolving any final questions on Papua LNG Gas Agreement, so that the P’nyang Gas Agreement can be finalised and the PRL 15 and PNG LNG Joint Ventures can proceed into the Front-End Engineering and Design phase of the integrated three train development in a timely manner.

The Papua LNG Joint Venture is also working collaboratively with the PNG Government on finalising the National Content Plan for Papua LNG.

He said this Plan is aimed at maximising the involvement of PNG citizens and local businesses in the development and operation of the Papua LNG Project.

The Minister for Petroleum, Mr Kerenga Kua has said: “NEC met [on]Friday 2 August and has discussed the result of the review conducted by the State Negotiating Team and has agreed in principle that state should stand behind the signed agreement in the best interest of the State.

“However, the State has reserved its rights to discuss a shortlist of matters to be discussed with the developers.

“We believe that what we have discussed and agreed to are favourable and will not affect the general economics and fiscal terms of the Papua LNG Gas Agreement, however those matters are of relevance to the State and this will be placed on the table for consideration by the joint venture partners.

“In view of the very limited agenda items identified for discussion the NEC does not believe it will take more than two weeks to conclude,”he said..

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Update on PNG Papua Gas Agreement

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