PNG LNG partners make major investment

摘要

THE ExxonMobil-led joint venture that owns the Papua New Guinea LNG project have sanctioned a US$1 billion investment in a new upstream field development. Project partner Santos said in its latest quarterly report that the PNG LNG project participants had taken a final investment decision on the Angore development project during the past quarter. Associated project activity began in late July, and Santos said the development represents "the next tranche of gas backfill to maintain plateau production". Santos' share of capital expenditure is $135 million with first gas expected in 2024. Based on Santos owning a 13.5% interest in the project, the total capital cost is $1 billion. The joint venture owners are operator ExxonMobil on 33.2%, Oil Search on 29%, Kumul Petroleum on 16.8%, Santos on 13.5%, JX Nippon Oil on 4.7% and MRDC (PNG landowners) on 2.8%. No additional project information was provided. Oil Search said in its recent 2021 half-year results that the development of Angore is part of the joint venture's effort to maintain plateau beyond 2030. There was sufficient gas at Angore, the Hides field and the associated gas fields to maintain this plateau.