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...

Kina Petroleum Corporation has submitted an application to delist from the Australian Securities Exchange (ASX).This follows a delist from Papua New Guinea’s stock exchange (PNGX) and ASX, but subject to receiving approval from ASX to continue with the ASX delisting.It added that the notice of meeting for the shareholders of the company would be convened ...

Australian natural gas developer Santos Ltd has lowered its production cost guidance at US$8.00 (K28)-$8.50 (K29.80)/boe (barrels of oil equivalent) and has upgraded its 2020 production guidance to 87 and 89 million barrels. According to the firm, the upgrade was due to a strong operating performance across its base businesses and represents more than 50 ...

Australian natural gas developer Santos Ltd said that the PNG LNG is a world-class low-cost asset delivering above nameplate productivity. According to chief operations officer David Banks, opportunities for expansion can come in the future. “One core asset that is operated by others is the PNG LNG,” he said. “Exxon Mobil, the operator, does a very good ...

Petroleum Minister Kerengua Kua said that there will be an announcement next month if the Papua LNG will be a stand-alone project towards the design phase next year. He added that the Total senior management and the delegation of the government will be meeting on Thursday, December 10. “If the decision is made, it will be positive for PNG because we will ...

Papua New Guinea Prime Minister James Marape has welcomed the passage of six significant legislation that guarantees the US$20 billion Papua LNG Project in the Gulf in months ahead.In a press conference attended by Petroleum Minister Hon. Kerenga Kua and Gulf Governor Hon. Chris Haiveta, he said, “Today is good news for the country. The laws have finally ...

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...