According to Oil Search, the oil and liquefied natural gas (LNG) markets have continued to recover from the economic effects of the coronavirus illness (Covid-19 pandemic), with Asia leading the way. Acting chief executive officer Peter Fredricson said: “We have seen a significant increase in core earnings, reflecting higher realised oil prices and a s...

Exxonmobil PNG and the government have joined forces to ensure that the P'nyang gas project in Western Province is ready for negotiations in the coming weeks. The project's letter of intent was signed, paving the way for it to get off the ground. The P'nyang project has been on the table since 2019 when the State began looking into the possibility o...

Photo Credit: Oil and Gas Today By a vote of 79 to 0 in Parliament, the Oil and Gas (Papua LNG Project) Amendment Bill 2021 was approved, granting Total – the Papua LNG project's developer – unrestricted rights to proceed with the pre-FEED and FEED procedures before seeking a development license. The bill, which was introduced in Parliament by Minis...

According to an official, Santos Ltd will stay disciplined and cost-conscious as it enters its next phase of expansion and progresses with the proposed merger with Oil Search Ltd. Despite lower average LNG prices, Santos managing director and chief executive officer Kevin Gallagher said this following a half-year report of a free cash flow of US$572 mi...

The government and Twinza Oil Limited are in the process of negotiating the conditions of the proposed Pasca A project. According to Transparency International PNG chairman Peter Aitsi, the oil and gas project in the Gulf should publish a quarterly update to keep the public informed on the status of talks. Twinza and the Government will sign a secrecy ...

Photo Credit: Petroleum Exploration Society of Australia A non-disclosure agreement between Twinza Oil and the state will be signed soon to keep information about the Pasca A project private until a final decision is reached. Following a recent public announcement by Twinza stating that the state has not honoured its pledge for the offshore gas proj...

The US$12 billion (K41.28 billion) Papua LNG project is on track, according to Petroleum Minister Kerenga Kua. Pre-feed (front end engineering design) work has already begun, Kua informed Parliament. The real feed will begin at the end of this year and last until 2022. In 2023, there will be a Fid (final investment decision) and a building phase....

Photo Credit: Post Courier / Department Secretary David Manau According to a department official, the petroleum and energy department is getting several requests from holders of petroleum prospecting licenses (PPLs) to prolong the term of their licenses. It suggested, according to Department Secretary David Manau, that it was difficult for the enter...

Photo Credit: PNG LNG Project Kerenga Kua, Papua New Guinea's petroleum minister, wishes to see the PNG government, ExxonMobil PNG, and the PNG LNG project enhance their beneficial relationship. Peter Larden, the new managing director of ExxonMobil PNG, was greeted by Kua, who said, “We look forward to working with him on a wide range of economic an...

Photo Credit: PNG LNG Project  The landowners of Hela's Angore region, as well as ExxonMobil PNG, have been hailed by Papua New Guinea Petroleum Minister Kerenga Kua for the resumption of the Angore Project. Following the outbreak of the Covid-19 pandemic in 2020, the project was temporarily halted. The Angore pipeline was created as a link betwe...

Photo Credit: JASON REED/REUTERS Santos and Oil Search have reached an agreement on the merger ratio under the proposed merger and the additional terms set out in this release (“Revised Merger Proposal”). Under the Revised Merger Proposal, Oil Search shareholders will receive 0.6275 new Santos shares for each Oil Search share held via a Scheme of Ar...

Santos, an Australian oil firm, announced its plan to combine with Oil Search Limited. Santos proposed a non-binding indicative merger last month with the goal of making the two companies the regional energy champions. The proposed merged entity has a market capitalization of A$22 billion (K56 billion), putting it among the top 20 ASX-listed companies ...

Photo Credit: Twinza Oil Ltd The landmark Pasca A Project agreement, in which the National Government will walk away with a 55 per cent interest in the first offshore gas project in the Gulf of Papua New Guinea, will see Gulf Province demand a considerably larger share of the profits. Twinza Oil and the National Government revealed the results of th...

Prime Minister James Marape said that the Papua LNG project in the Gulf will enter pre-Feed (front end engineering and design) in September. “Papua LNG will move into pre-Feed in September after the financial stability agreement was signed in February,” he said. “It is my expectation that as the country celebrates its 46th Independence anniversary o...

Following negotiations last week between the State and developer Twinza Oil Ltd, Pasca Ain the Gulf is likely to get underway shortly. Petrol Minister Kerenga Kua characterized the agreement between the State Negotiating Team (SNT) and Twinza as "by far the greatest" in terms of developing the country's petroleum resources. “We delivered an agreemen...

Photo Credit: Oil Search Limited Despite obstacles posed by the Covid-19 epidemic, the Papua New Guinea Liquefied Natural Gas (PNG LNG) project had its greatest production and best safety performance since its inception, according to departing ExxonMobil PNG managing director Andrew Barry. Barry said that the team achieved record LNG production leve...