Total and its companions ExxonMobil and Oil Search have signed a Memorandum of Understanding (MoU) with the Independent State of Papua New Guinea defining the important thing phrases of the Gas Agreement for the Papua LNG Project.
The MoU was signed through the Asia Pacific Economic Conference (APEC) in Port Moresby, in presence of Peter O’Neill, Prime Minister of Papua New Guinea, and Patrick Pouyanné, Chairman and CEO of Total. The proposed Gas Agreement is predicted to be finalized by Q1 2019.
Total is the operator of the Elk and Antelope onshore fields and is the most important shareholder in PRL-15 with a 31.1% curiosity, alongside companions ExxonMobil (28.three%) and Oil Search (17.7%), submit the State back-in proper of 22.5%.
The Papua LNG Project will embody two LNG trains of two.7 MTPA every and might be developed in synergy with the prevailing PNG LNG venture services. Total and its companions have agreed to launch the primary section of the engineering research of this venture.
“The MoU signed by the State of PNG and the companions of the Papua LNG venture is a vital step in all of the events’ dedication to the venture”, mentioned Patrick Pouyanné, Chairman and CEO of Total. “Investing in LNG is a long run enterprise and our goal is to have the ability to make the venture as aggressive as attainable. Total being the second-largest world personal LNG participant, we’re totally dedicated to the success of the Papua LNG venture, which advantages from a good geographical location near Asian markets.” (Source: Total – Image: Papua LNG venture/Australian Pipeliner)
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