Horizon Oil has decided to sell its assets worth US$3.5 million (nearly A$5 million) including its entire portfolio in PNG - to Arran Energy Investments.CEO Chris Hodge says that this decision was difficult as they have been part of the company for many years already. 'While undoubtedly a substantial, good quality resource and our ability to realise the v...

With the PNG LNG project, the country has proven its accessibility to the East and South East Asian markets and capacity to supply competitively said institute of National Affairs director Paul Barker. Barker, an economist, said that the P’nyang and Papua LNG projects could meet the LNG demand window in 2027.“PNG has greater geopolitical stability than p...

In its third quarterly report, Oil Search Ltd said that conversations between the P’nyang operator ExxonMobil and the PNG government are still continuing. This is to secure balanced and fair fiscal terms on the P’nyang Gas Agreement. According to KUMUL Petroleum Holdings Ltd (KPHL) managing director Wapu Sonk, if discussions go well, they should be able t...

PNG LNG project has continued performing well. This, according to Oil Search’s third-quarter report, following the production at record levels of 8.8 MTPA on average for the first nine months of the year.Oil Search managing director Keiran Wulff said this project included 6.55 mmboe from the PNG LNG Project, which came out with an annualised rate of 8.9 M...

In spite of the pandemic, the petroleum industry continues to be a vital aspect in providing a sustainable future in the PNG. This, according to Petroleum and Energy Department Secretary David Manau, who said that since its first oil production in Kutubu in 1995, the industry continues to thrive. In fact, since 2015, the liquefied natural gas (LNG) has br...

Papua New Guinea on Friday called off negotiations with Exxon Mobil regarding the P’nyang gas project, casting a shadow on a $13 billion plan to double the country’s gas exports by 2024.The government said Exxon had refused to budge on the financial terms for developing the gas field and failed to come up with an offer it could accept.The P’nyang field wa...

TEN legislative amendments to the Papua LNG project gas agreement were passed during the final quarter of 2019, according to Oil Search Ltd. The company, a partner in the project, noted in its final quarter report that it was while detailed discussions took place between PRL 3 (P’nyang) joint venture and the Government on the terms for the P’nyang field d...

The Papua New Guinea government has signalled that negotiations with ExxonMobil on the terms of a $20 billion LNG expansion are inching towards a resolution, but has made it clear it won't back down on a deadline for the development of a major gas field.Talks between the government's negotiating team and Exxon are understood to be taking place in Sydney t...

Papua New Guinea’s fuel and energy supplier Puma Energy said both its domestic and international fuel and energy supply lines will not be affected with the transition from diesel to liquefied natural gas (LNG) power generation when Niupower and Dirio projects come online. In a response to queries from Post Courier about Niupower and Dirio fuel to gas tran...

Western Province political leaders are considering a ‘no gas deal’ position for the soon to be concluded P’nyang LNG Gas Agreement if their provincial interests are not captured in the final negotiated terms. The leaders have also declared a no deal position until proposed amendments to the Oil and Gas Act 1998 are made. But these are contrary to the stat...

PAPUA New Guinea is not immune to the world market and will be impacted as a result of tensions between the United States (US) and Iran, which has caused a spike in oil prices, says an executive. Puma Energy PNG Ltd country general manager and director Hulala Tokome said the company had seen an increase in crude oil prices as a direct result of the rift b...

About 200 companies have shown interest in the Gulf of Papua Pasca A gas project. This was after developer Twinza put out an expression of interest for companies to provide services to the project. Both local and foreign owned companies have shown interest to provide services during the construction and operation of the country’s first ever offshore gas p...

There are some gaps in the Oil and Gas Act, says Twinza Oil and Gas project development manager Erik Kowa. Mr Kowa said this at the recently held Mining and Petroleum conference in Port Moresby. He said the current Oil and Gas Act is great, however, there are some gaps in there that could be improved. “Stakeholders of the chamber, we can raise this to wor...

Prime Minister Hon. James Marape, MP recently welcomed representatives of the LNG Japan Corporation to Papua New Guinea.During a recent meeting with this high-level delegation, PM Marape said PNG welcomes any investments in the Petroleum Sector and as Prime Minister; he was ready to give 100 per cent support if LNG Japan Corporation would create employmen...

Papua New Guinea’s plans to expand its liquefied natural gas (LNG) production to meet rising demand in the Asia-Pacific region was one of several topics explored by Wapu Sonk, Managing Director of Kumul Petroleum Holdings.This was in a wide-ranging interview he gave recently to Oxford Business Group’s online broadcasting channel, Global Platform.The full ...

Prime Minister James Marape has presented the amendment bill of the Oil and Gas Bill 2019 to amend the Oil and Gas Act 1998 relating to development levies. In presenting the Bill, Mr Marape said the Oil and Gas Act 1998 section 160 subsection 6 provides the payment of development levies into trust accounts for those provincial and local level governments ...