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Papua New Guinea will renegotiate Papua LNG agreement with Total SA in a move to reap more benefits from its resources

Author: Sonali Paul, Reuters, Published on: 23 August 2019

"Papua New Guinea sends team to Singapore to renegotiate Total LNG deal", 15 August 2019

...Papua New Guinea has sent a team to Singapore to renegotiate its Papua LNG agreement with French oil major Total SA (TOTF.PA), the nation’s petroleum minister said..., warning the talks could end “disastrously” for the gas project.

...[M]inister Kerenga Kua marked an about-turn from a statement...when he announced the new government would stand by the gas deal agreed by the previous government with Total....

Papua LNG, a joint venture between Total, Exxon Mobil Corp and Australia’s Oil Search Ltd (OSH.AX), is part of a $13 billion plan set to double the country’s exports of liquefied natural gas (LNG).

The Papua LNG gas agreement, key to the project going ahead, came under review when Prime Minister James Marape came to power in May promising to reap more benefits for the impoverished nation from its huge oil, gas and mineral resources.

...“This is a risk we take as we try to move in the direction of taking PNG back and making it wealthy.”

Total declined to comment ahead of the talks, but its Chief Executive Patrick Pouyanne said on July 25 that he expected the government to respect the gas agreement.

Oil Search said...it looked forward to “further clarity on the state’s position” on the agreement and ways to advance the project.


Read the full post here

Related companies: ExxonMobil Oil Search Total