P'nyang agreement signed

摘要

THE ExxonMobil-led owners of the P'nyang gas project have signed the major agreement with the Papua New Guinea government that will underpin the project's development. Partner Santos described the signing as "a major milestone", setting out the fiscal framework and supporting project scoping and evaluation. P'nyang gas will be delivered through new upstream facilities in Western Province in northwest PNG and link to the existing PNG LNG export facility near Port Moresby. Santos said up to 5 of P'nyang gas produced will be made available to support the government's electrification efforts in Western Province or another agreed location. No specific fiscal terms of the agreement were disclosed by Santos, but the Australian company - which acquired Oil Search in late 2021 - said the project will provide landowner benefits under an agreement to be negotiated. The project will create local and regional jobs and business opportunities, provide training and skills development opportunities and help build stronger communities, Santos added.