PNG Government and ExxonMobil Announce Intention to Re-engage on P’nyang Gas Project

Source Press Release
Company Oil Search LimitedExxonMobil 
Tags Production/Development, Upstream Activities, Strategy - Upstream
Date August 23, 2021

Oil Search [ASX: OSH] today confirmed that the Papua New Guinea Government and Esso PNG P’nyang Limited, as operator of PRL 3 (P’nyang field), jointly announced their intention to re-engage in the negotiations on the P’nyang project (refer to attached release issued 20 August 2021).

PNG Minister for Petroleum, the Hon. Kerenga Kua, said “A series of workshops regarding the development of the P’nyang Gas fields will take place over the next couple of weeks and if all goes well, we can expect to sign a P'nyang Heads of Agreement around the end of this next month and a Gas Agreement thereafter."

Diego Fettweis, Oil Search’s EVP Commercial, said “This is a positive step towards the development of the P’nyang gas resource and signals the strength of support between the PRL3 joint venture and the Government of Papua New Guinea for a mutually beneficial outcome. We look forward to further progress in these negotiations and will support the PRL3 Operator through our 38.51% interest in the joint venture.”

Source: EvaluateEnergy® ©2021 EvaluateEnergy Ltd