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ExxonMobil, Oil Search and Total SA have signed a gas agreement with the state of Papua New Guinea which will define the framework for the $19 million Papua LNG Project.

This project is the development of gas production and processing facilities which covers most of Papua New Guinea.

2017 results revealed that more than eight million tonnes of LNG were produced which is an increase of 20 percent from previous years of 6.9 million.

It is estimated more than 11 trillion cubic feet of LNG will be produced over the life of the project.

The agreement includes a domestic market obligation, which will provide gas for sustainable future use, and deferred payments for all past and future costs which will ease any financial burden.

Oil Search’s Managing Director states that this is a way forward for the PNG Government.

“This is a major milestone for the Papua LNG Project. We believe the fiscal and other terms of the Gas Agreement equitably allocate Project benefits and returns to the State, the Project participants and stakeholders,” he said.

Please find announcement attached here:

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