Loading

Petroleum

PNG LNG signs mid-term sales agreement with Singapore’s Unipec

PNG’S leading petroleum company Oil Search Ltd reports that the PNG LNG Project co-venturers have entered into a mid-term LNG sale and purchase agreement (SPA) with Unipec Singapore Pte Ltd. The deal is for the supply of approximately 0.45 million tonnes per annum (MTPA) of LNG over a four-year period commencing in April 2019, taking the total contracted volumes from the Project to approximately 7.9 MTPA. “The SPA with Unipec,

Oil Search says PNG could double its LNG production in near future

PNG is on the threshold of substantial new investment that could double its LNG production in the coming years, according to the country’s leading petroleum company. Oil Search managing director, Peter Botten, made this forecast whilst advocating major new infrastructure must be developed in a responsible and sustainable way. Speaking at the PNG Petroleum and Energy Summit in Port Moresby, Mr Botten said the global LNG market is highly competitive

Industry welcomes plans for National Petroleum Authority

The PNG Chamber of Mines and Petroleum has welcomed the announcement by the Petroleum Minister, Dr Fabian Pok, that he will table a Bill on the proposed National Petroleum Authority (NPA) in Parliament this year. The Chamber President, Mr Gerea Aopi CBE, said it has been many years since the PNG Government agreed to establish a National Petroleum Authority and it was commendable that Dr Pok has undertaken to finalise

Searcher completes Airborne Geophysical Survey in Papua New Guinea

SEARCHER Seismic has announced the completion of the regional multi-client airborne gravity, gravity-gradiometry and magnetics survey covering the transition zone of the Gulf of Papua. The Roho Airborne Gravity, Gravity-Gradiometry and Magnetic Survey covers approximately 60,700 square kilometres (~52,700line km) along the southern coast of PNG. The survey compliments several marine seismic and geochemical projects recently completed by Searcher aimed at assessing the hydrocarbon potential of the Gulf of Papua

Woodmac says oil and gas exploration’s back in the black – and keen to stay there

AFTER a difficult few years, the exploration sector is back in the black – and keen to stay there. New studies from international industry anlysts Wood Mackenzie shows that explorers’ success in 2018 reflects a disciplined approach that’s set to continue this year. “We are seeing a long-overdue recovery in the sector. Last year conventional exploration returns hit 13% – the highest calculated in more than a decade. As 2018’s

Study forecasts a boost in Asia Pacific oil and gas investments

CONFIDENCE in the outlook for Asia Pacific’s oil and gas industry has more than doubled in the past two years, according to new research published by DNV GL. The study found that 76% of senior oil and gas professionals in Asia Pacific are optimistic about the industry’s growth in 2019, compared with 58% in 2018 and 30% in 2017. The proportion of industry leaders who are confident in their own

WoodMac tips Brent crude to average US$65 a barrel in 2019

Global markets were volatile heading into the new year. Oil has been no exception, with Brent trading between $62 per barrel on 7 December 2018 before falling to $51/b on 21 December. Mixed macroeconomic data have driven much of the volatility, with political uncertainty compounding concerns of a sharper than expected economic slowdown. What oil price is justified by the fundamentals? Ann-Louise Hittle, vice president, for macro oils at Wood

LNG vessel rescues castaway off PNG coast

LEADING LNG vessel owner Mitsui O.S.K. Lines, Ltd. (MOL) reports that one of its vessels has rescued a castaway off the PNG coastline. MOL’s president and CEO Junichiro Ikeda revealed today that on November 26, the MOL-operated LNG carrier LNG Fukurokuju safely rescued a castaway 330km off New Ireland. Releasing details of the rescue, the company said that: At 16:30on November 26, the LNG Fukurokuju, while underway northeast of New

KBR to support PNG’s Petroleum Department

LEADING global engineering firm KBR, Inc. has been awarded a contract by Papua New Guinea’s Department of Petroleum to provide ongoing consulting, advisory and engineering services in relation to multiple new and existing energy and resource developments located across Papua New Guinea, including upstream, LNG and downstream sectors. Under the terms of the agreement, KBR will provide these services utilising strategy and technical specialists from multiple offices including Singapore, Australia,

Papua LNG JV signs agreement with PNG Government

IN a major milestone in the further development of Papua New Guinea’s LNG industry, the Total-led Papua LNG consortium has signed a Memorandum of Understanding (MOU) with the PNG Government. The Papua LNG JV is proposing to develop the massive Elk-Antelope gas discoveries to provide the base for a major expansion of PNG’s already highly successful PNG industry. Papua New Guinea’s own gas powerhouse, Oil Search Ltd (a member of