Total, partners reach initial agreement on $13 billion Papua LNG project

11/04/2019 08:59 LNG

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France’s Total and its partners signed a long-awaited deal with Papua New Guinea on Tuesday that will allow initial work to start on a $13 billion plan to double the country’s liquefied natural gas exports.

Total’s partner Oil Search said the agreement would allow the parties to start engineering and design work for a project dubbed Papua LNG also involving Exxon Mobil.

 

They now aim to make a final investment decision in 2020, targeting first production in 2024, Oil Search said.

 

The agreement was delayed after an earthquake hit PNG in February 2018, which sapped government resources and slowed negotiations over issues such as how much gas from Papua LNG would be reserved for the domestic market.

 

Papua LNG plans to develop the Elk and Antelope gas fields to feed two new production units, or trains, to be built at the PNG LNG plant run by Exxon Mobil.

 

Total said the Papua LNG project of 5.4 million tons per annum (Mtpa) capacity will consist of two LNG trains of 2.7 Mtpa capacity each and will unlock more than 1 billion barrels of oil equivalent of natural gas resources.

Source: reuters.com

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