• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 59 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 4 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 6 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 7 days Demonising fossil fuels has caused major grid problem in Australia
  • 7 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
OPEC Well Completions Dip In 2021

OPEC Well Completions Dip In 2021

The number of completed wells…

Oil Major Faces Off Against Papua Government

Papua New Guinea’s oil minister has accused Exxon of refusing to negotiate a $13-billion LNG project on the country’s government’s terms, Reuters reports, citing the official as saying the terms the Papuan government had offered the companies behind the project complied with international standards.

“It is disappointing Exxon has refused to even consider these terms and we urge them to reconsider their position,” Kerenga Kua told Reuters in a statement.

The project in question, the Papua LNG, will be essentially an expansion on the already operating PNG LNG project, which is run by Exxon, Total, and Australia’s Oil Search. News of the plan to increase PNG LNG’s capacity by adding more liquefaction trains in a new project first broke last year.

The $13-billion expansion will bring the export capacity of PNG LNG up to 16 million tons of gas per year and will involve the construction of three more trains to source gas from the Total-operated Elk-Antelope field and from the P’nyang field, operated by Exxon. The aim is to have the additional capacity in place by 2023 or 2024, when demand for LNG in Asia is expected to hit new highs amid a slowdown in new production capacity additions.

However, after a change in government in Papua New Guinea, a dispute between the state and the companies operating the project arose and has been dragging for months now. Earlier this year, the Papuan government signalled that the parties were getting closer to a resolution, so this latest update from Kua comes as a none too pleasant surprise.

The disagreement concerns the development of the P’nyang field, whose operator is Exxon. The rest of the deal was sealed with Total—operator of the Papua LNG project—earlier this year. Reuters cited an unnamed source as saying Exxon had refused to share with the Papuan government information regarding the cost of the P’nyang field project and other details.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News