Santos inks gas pact with PNG, Exxon
Australia’s Santos on February 22 signed a gas agreement with Papua New Guinea (PNG) government and US major ExxonMobil to develop the P’nyang gas project.
“The signing of the gas agreement marks a major milestone for the project, setting out the fiscal framework and supporting project scoping and evaluation,” Santos, a partner in the project, said.
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Subject to a final investment decision by the P’nyang participants, the ExxonMobil-operated project would deliver LNG through new upstream facilities in Western Province linked to existing infrastructure, the 8.4mn metric tons/year PNG LNG plant near Port Moresby.
Upon completion, up to 5% of P’nyang gas produced would also be made available to support the government’s electrification efforts in Western Province or another agreed location, Santos said.
The P’nyang gas field is within PRL3, located in the Western Province of PNG. Santos has a 38.5% interest in P’nyang.