• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 1 min Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 40 mins The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 12 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 10 hours Cost of oil
  • 13 mins Democrats and Gun Views
  • 19 hours Swedish Behavioral Scientist Suggests Eating Humans to ‘Save the Planet’ from Climate Change. What could possibly go wrong?
  • 1 min USAvChina.com
  • 20 hours Trump Orders Biofuel Boost
  • 15 hours Iran says tanker oil sold at sea, buyer sets destination
  • 5 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 2 hours Iran in the world market
  • 23 hours Green New Deal Preview in Texas Town
  • 20 hours “Who’s going to bail out the Central Banks?”
Can Argentina's Shale Boom Survive?

Can Argentina's Shale Boom Survive?

Argentina’s shale boom is falling…

The U.S. Briefly Overtook Saudi Arabia In Gross Oil Exports

The U.S. Briefly Overtook Saudi Arabia In Gross Oil Exports

The United States briefly overtook…

Papua LNG Project Restarts Ahead Of Schedule

Papua LNG

Exxon’s Papua New Guinea LNG project has resumed operation two weeks ahead of schedule, the supermajor’s partner in the project, Australian Oil Search, said. The restart is partial, however, with just the first train of the facility in operation. The second train will restart later as more gas begins to flow from the Hides field and several associated gas fields.

An earthquake of a 7.5 magnitude led to the suspension of oil and gas operations in Papua New Guinea at the end of February. The epicenter, although in a remote area, was close to the PNG LNG project, and all operations were suspended as a result of the disaster. The project operator, Exxon, says it hopes operations will resume in full by the end of April.

The PNG LNG project is the biggest source of state revenue for Papua New Guinea. Earlier this year, Exxon and partner Total announced plans to double the project’s capacity to 16 million tons of LNG annually, which would put the Papua project on par with some of the largest LNG projects in Australia.

The expansion will cost US$13 billion, and the additional capacity should come online in 2023 or 2024 when demand for LNG in Asia is expected to hit new highs amid a slowdown in new production capacity additions.

The cost of the extension might seem pretty hefty, but it is much below the US$19.5-billion price tag on the initial liquefaction plant and export terminal.

Meanwhile, Oil Search earlier this week reported it had upgraded the reserves held in one of the fields feeding the PNG LNG terminal. The company now estimates that the P’nyang field holds 2 trillion cu ft of gas—that’s 84 percent more than the previous estimate. This means that there is 11 trillion cu ft of gas already available for the expansion of the project.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play