Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Papua New Guinea, France’s Total sign fiscal agreement for Papua LNG project

    Papua New Guinea, France’s Total sign fiscal agreement for Papua LNG project

    February 10, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp
    Prime Minister James Marape

    Melbourne — The Papua New Guinea government and France’s Total SA on Tuesday signed a long-awaited fiscal stability agreement for the Papua LNG project, PNG Prime Minister James Marape said.

    After nearly two years of uncertainty over the fate of the 5.4 million tonne a year liquefied natural gas (LNG) project, Marape said the agreement would stick to terms agreed in April 2019 for the project.

    “It demonstrates Papua New Guinea’s commitment to the Papua LNG Project and gives comfort and encouragement to the developers to progress the project,” Marape said in a statement.

    Total and its partners ExxonMobil Corp and Oil Search Ltd had planned to develop Papua LNG in tandem with an expansion of Exxon’s PNG LNG in a $13 billion project adding three new production units at the PNG LNG plant, to help save billions of dollars.

    The plan was to double the country’s LNG exports to 16 million tonnes a year.

    However, Exxon has not agreed to terms sought by the government for the P’nyang gas development that was going to help feed the expansion, so Total’s Papua LNG project will go ahead with two new production units to be built at the PNG LNG site, fed by the Elk Antelope gas fields.

    Papua LNG would still benefit from savings by building its units at the PNG LNG site, which will also help limit its environmental impact.

    “These are great outcomes for all stakeholders of the project but more so the National Government,” Marape said.

    Reporting by Sonali Paul in Melbourne and Tom Westbrook in Singapore; Editing by Jacqueline Wong and Ed Osmond

    Follow us on twitter

    Related News

    NLNG launches Train-7 Human Capacity Development BTSP in Rivers

    Axxela expands domestic gas utilisation

    Nigeria pushes intra-African gas trade agenda at AET conference

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    N171bn contract variation cause of Rivers govt – Julius Berger standoff

    May 30, 2025

    Global renewable power installed capacity to surge to 11.2TW by 2035

    May 30, 2025

    Tinubu issues Executive Order to slash oil production costs

    May 30, 2025

    NLNG launches Train-7 Human Capacity Development BTSP in Rivers

    May 30, 2025

    Sidi Ould Tah elected ninth president of the AfDB Group

    May 30, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.