• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 24 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 14 hours "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 6 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 2 days Did China cherry-pick the factors that affected the economic slow-down?
  • 10 mins Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 18 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 21 hours Are you aware of Oil Price short videos on our energy topics?
  • 33 mins The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 1 day Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 1 day NordStream2
  • 411 days Class Act: Bet You've Never Seen A President Do This.

Papua New Guinea Rejects Private Bid For New Gas Field

Papua New Guinea has granted a license to a state-owned company to develop a gas field, preferring to keep control and income from the resources within the government rather than giving a private foreign company the rights to develop the new project.

The government of Papua New Guinea has given the rights to state-controlled Kumul Petroleum to develop the Pandora gas field, preferring the government-owned entity to private firm Twinza Oil, which is headquartered in Australia, Reuters reports.

Apart from Twinza Oil, other international players in Papua New Guinea include supermajors ExxonMobil and TotalEnergies, as well as Oil Search of Australia, which has just announced a megamerger with Australia’s gas giant Santos.

Oil Search holds a 29-percent stake in the PNG LNG project in Papua New Guinea led by Exxon, as well as a 22.8-percent interest in Papua LNG—a brownfield growth opportunity, according to the company. 

Handing the Pandora gas field license to a state-controlled firm signals that the government of Papua New Guinea is not easing its nationalist policies despite being open to discussing projects with international majors, Reuters notes.

The decision to give the development rights to state-held Kumul Petroleum is “a new revolutionary approach in the way the State has been conducting its petroleum business,” Papua New Guinea’s Petroleum Minister Kerenga Kua said in a statement carried by Reuters.

Twinza Oil, which was hoping to tie the Pandora field with its Pasca A gas project, said it was disappointed with the government’s decision.

Before the license was awarded, Twinza Oil’s chairman and CEO Ian Munro said last month: “Industry is closely watching the Pandora license award to gauge transparency and whether the Government will support a proven offshore operator and stimulate additional exploration and development investments.”

“It is quite a risk with government money to take on exploration and appraisal, when foreign companies like Twinza are looking to take the risk on. The industry is confused by these decisions,” Munro told Reuters after the license was awarded to the state firm.

By Tsvetana Paraskova 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