Total and its partners ExxonMobil and Oil Search have signed a Memorandum of Understanding (MoU) with the Independent State of Papua New Guinea, defining, the key terms of the Gas Agreement for the Papua LNG Project.
The MoU was signed during the Asia Pacific Economic Conference (APEC) in Port Moresby, Papua New Guinea, in the presence of Peter O’Neill, the country’s Prime Minister, and Patrick Pouyanné, Chairman and CEO of Total. The proposed Gas Agreement is expected to be finalised by 1Q19.
Total is the operator of the Elk and Antelope onshore fields and is the largest shareholder in PRL-15 with a 31.1% interest, alongside partners ExxonMobil (28.3%) and Oil Search (17.7%), post the state back-in right of 22.5%.
The Papua LNG Project will encompass two LNG trains of 2.7 million tpy each and will be developed in synergy with the existing PNG LNG project facilities. Total and its partners have agreed to launch the first phase of the engineering studies of this project.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/19112018/total-signs-mou-with-papua-new-guinea-on-papua-lng-project/