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Papua New Guinea partners agree to plans for gas export expansion

Published 02/20/2018, 07:18 AM
Updated 02/20/2018, 07:18 AM
© Reuters.  Papua New Guinea partners agree to plans for gas export expansion
  • Exxon Mobil (NYSE:XOM) and Total (NYSE:TOT) have reached broad agreement on plans to double gas exports to ~16M metric tons/year from Papua New Guinea, partner Oil Search (OTCPK:OISHF) announces.
  • Oil Search says the companies plan to add three new LNG trains, with two underpinned by gas from the Elk-Antelope fields, run by TOT, and one underpinned by existing fields and the new P‘nyang field, run by XOM.
  • The partners aim to start engineering and design work in H2 of this year but first need to agree terms on items including domestic gas supply requirements, local content and landowner agreements with Papua New Guinea's government, Oil Search Managing Director Peter Botten said after the company reported a nearly 3x rise in annual core profit.
  • Now read: Extraordinarily Bearish & Extraordinarily Bullish


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