According to Oil Search, oil prices have risen steadily in recent months from the initial effect of the Covid-19 last year, when prices ranged about US$43 (K150) per barrel of oil (bbl), to levels above US$60/bbl (K210) since February this year. In response to questions, a group spokesperson said,“ To date, there has been no impact to production in our...

Oil Search claims that stringent quarantine procedures, behaviour restrictions, and personnel roster guidelines put in place last year have secured the company's activities in the region. In a statement, Oil Search said that no cases of Covid-19 had been identified in their field operations. In addition to the number of Covid-19 cases around the wor...

Twinza's Pasca is the topic of negotiations. According to Petroleum Minister Kerenga Kua, a plant in the Gulf is currently underway. Kua predicted that reaching an agreement on the country's first offshore oil project would take some time. “(Project) still under negotiations,” he said. “Generally, it could take a few years to negotiate an agreed pos...

To set out how benefits from the PNG LNG project will be divided between two provincial governments, Papua New Guinea's Governors Hon. Philip Undialu (Hela province) and Hon. William Powi (Southern Highlands province) have recently signed a Memorandum of Agreement.  In 2009, benefits from the PNG LNG Project to the provincial government and landowners ...

The increase of oil prices above US$60 (K207.90) has made Papua New Guinea’s Mineral Resources Development Company satisfied. According to the company's managing director Augustine Mano, the average oil price last year was at “historical lows”.   “This year is better than last year given the oil price is above US$60,” he said. “Last year, the oil pr...

Oil Search has brought a strong financial year in 2020 with a core net profit after tax of US$22.0million (K77m), also reported to a full-year production of 29.0 mmboe and the strongest safety performance since assuming operatorship in 2003.The financial results were significantly lower realised hydrocarbon prices in 2020 as compared to 2019, which result...

After the signing of the fiscal stability agreement, Prime Minister James Marap said that the Papua LNG project is going in the right direction. He gave confidence to the investors that PNG has an active democracy. “We appreciate very much that this project has now been moved,” he said. “The Government will ensure that all necessary support is procured fo...

Oil Search Ltd is happy to see the progress of the US$12 billion (K41.38 billion) Papua LNG project.According to Oil Search managing director Dr Keiran Wulff, “We are pleased to see further progress achieved on the Papua LNG. This milestone highlights the commitment from the Government towards Papua LNG and is a significant step in de-risking the project....

Following the signing of the Fiscal Stability Agreement (FSA) for the Papua LNG Project between the Papua New Guinea government and with French company Total and partners ExxonMobil and Oil Search, Prime Minister James Marape has announced that the Papua LNG project will proceed as a two-train project, independently of the P’nyang project. This came afte...

Because of its focus on performance, capital and cost allocation, Oil Search has resulted in a firm production. Managing director Keiran Wulff said the developments of Oil Search had regained momentum with the passing of the government in Parliament the remaining amendments to Acts for Papua LNG fiscal stability.He said that assurance reviews for the Pikk...

To recognise the efforts of the company to provide employment, workforce development, and business opportunities, the PNG LNG project’s best national content contribution of the Year award went to the Hides Gas Development Company Ltd energy services. According to ExxonMobil PNG Ltd’s national content manager Sisa Kini, “We are proud of HGDC Energy Servic...

Puma Energy (PNG) Ltd expects that fuel prices will increase as demands for ground fuels also increase. This is in line with economic recovery. According to the Country manager and director Hulala Tokome, this will have an effect locally compared to during the COVID pandemic. “In general, prices are moving up and expected to continue to move up which will...

Before Twinza Oil Limited moves forward with the Front End Engineering and Design (FEED) stage, the firm is awaiting the formal approval of the Pasca A Gas Project Agreement by the National Executive Council.The agreement was finalised last year and now awaits presentation by the Petroleum Minister, Kerenga Kua to the National Executive Council. Once ap...

Kumul Petroleum Holdings Limited (KPHL) has awarded two contracts to Chiyoda Corporation of Japan in partnership with Moss Maritime of Norway, and Wison Offshore and Marine based in Shanghai, China for the design and the development of a floating, storage, re-gasification and power (FSRP) generation unit in Lae. The state-owned firm said that the awarding...

Kumul Petroleum Holdings Ltd (KPHL) hopes to work with the developer of the Papua LNG Project and its partners.According to Managing director Wapu Sonk, KPHL hoped to work with Total and the Papua LNG joint venture partners to start the front-end engineering design work and begin the liquefied natural gas (LNG) financing and marketing work.It can be recal...

Total senior management team will be in the country this week to talk about the next steps in the Papua LNG Project.According to Petroleum Minister Kerenga Kua, the meeting between the government and the developer of this project had been planned last week but there were delays on clearances and protocols. They are to arrive this week.The announcements fo...