Santos President Upstream Oil and Gas, Brett Darley, has said the Angore Development Project would be a significant plus for Papua New Guinea.
Mr Darley made his comments at the Australia Business Forum in Brisbane as he announced the next tranche of backfill gas that will help maintain PNG LNG production. The first gas from the development is due in 2024. Santos’ capital expenditure share would be about US$135 million (about K480 million).
Darley said the Angore Project will be a massive boost for the sector and the PNG economy, which is crucial as the country emerges from the pandemic. He added that Santos is also seeking to expand its resource portfolio.
“In addition to progress being made on the Angore Development project, we have seen strong performance from the Agogo and Moran fields. A coiled tubing campaign commenced in the fourth quarter of last year in those fields, which will deliver incremental production in 2022,” Darley said.
“Papua LNG, a project that has the potential to be nation shaping for decades to come, continues to progress technical and commercial, regulatory, social, and environmental activities.
“These pre-FEED activities remain on track in support of a FEED-entry decision that is targeted to be made by the end of this year.”
Mr Darley stressed the importance of Papua LNG, especially with the current global situation and energy shortages. He added that initiatives like these are crucial for future international energy security needs and maintaining affordable prices.
He said, “We are continuing to work hard with our joint venture partners to progress this project which will create local jobs in Papua New Guinea, drive economic development, and create revenues for the government.
“The other growth project that we are working hard on is P’nyang, with the P’nyang Gas Agreement being successfully executed between the PRL3 joint venture partners and the PNG government earlier this year.
“We are working hard on the integration of the Oil Search business, on delivering on our commitments, and on ensuring the growth project and opportunities that are so important to PNG to continue on schedule and on budget,” Darley said.