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Petroleum

Oil Search to reduce workforce by 34%

LEADING PNG petroleum company Oil Search Ltd has released details of a plan to reduce its workforce by 34% in light of the industry downturn. The company, which recently completed a detailed and systematic review of its organisation and cost structure, which came up with some significant findings, including: Oil Search Full Time Employees (FTEs), which include employees and long-term contractors, have been reduced from 1,649 people as of March

Investigation clears Horizon Oil of alleged PNG bribery allegations

Horizon Oil Ltd reports that an investigation has cleared the company of any wrongdoing in its payment to acquire an interest in PNG Petroleum Retention Licence (PRL) -21 in 2011 it has been found to have not breached any bribery laws. The investigation, which included a forensic review of all aspects of the transaction, was conducted by Herbert Smith Freehills (HSF) and Deloitte with the oversight of an Independent Board

PNG Government and Twinza to commence discussions on Pasca A gas development

TWINZA Oil has welcomed an announcement by PNG Prime Minister, James Marape, that the country’s National Executive Council has endorsed the submission for development of the Pasca A gas-condensate field in the Gulf of Papua. The Government is said to be ready to commence negotiations with Twinza on the Gas Agreement in the near term, setting out the fiscal terms to allow the Project to enter the Front End Engineering

PNG project delays raise concerns from global and local financiers

GLOBAL and local financial experts have expressed concerns at the state of Papua New Guinea’s economy in the face of continued delays to a number of world-class resource projects. The mood has darkened further with the PNG Government’s decision to walk away from negotiations on the P’nyang development, a key piece the proposed expansion of the country’s LNG industry. There have also been delays in negotiations for the giant Wafi-Golpu

High Arctic says all PNG drilling halted

CANADIAN oil and gas drilling rig provider High Arctic reports that it has received formal notification from its main customer in Papua New Guinea that it is suspending all drilling operations in the country until further notice. High Arctic said the customer’s decision to suspend and defer operations is in reaction to the current low oil and gas prices and the COVID-19 pandemic. The company is now working with the

Horizon elects to terminate CEO Sheridan during PRL-21 investigation

PNG oil and gas explorer and developer Horizon Oil has decided to terminate the employment of CEO Michael Sheridan while it investigates allegations the company made a payment to a senior Government official to acquire an interest in Petroleum Retention Licence (PRL) 21 in 2011. Mr Sheridan was originally suspended on February 12, 2020, when the company elected to further investigate claims related to the PRL-21 deal. Horizon told shareholders

Horizon denies any knowledge of alleged PNG payment

AUSTRALIAN petroleum company Horizon Oil says it has no actual knowledge of any wrongdoing relating to a reported transaction to PNG officials to acquire an interest in Petroleum Retention Licence 21 (PRL 21) in the Western Province of Papua New Guinea. The company has also denied knowledge of reports that leaked documents concerning the matter have been provided to the Australian Federal Police (AFP) and the Australian Securities and Investment

PM welcomes Japanese investment in PNG petroleum sector

PNG Prime Minister James Marape says Papua New Guinea welcomes any investments in the petroleum sector during a meeting with representatives of Japanese investor, LNG Japan Corporation, in Port Moresby. LNG Japan is studying feasibility of potential LNG-to-power projects in PNG, leveraging its long experiences in the LNG industry, including a small-scale domestic LNG sea transportation project in Indonesia. It is also looking at producing methanol as a raw material

PNG LNG Plant achieves record safety milestone

THE world-class PNG LNG Plant has recorded another significant safety milestone, reaching over 17-million hours worked without a Lost Time Injury (LTI). On 15 August, the plant achieved six-years of operations without any serious injury that prevents a person from returning to work. Alyssa Warner, PNG LNG Plant Asset Manager, said this significant milestone reflects the performance of our world-class workforce and business partners. “Six-years without an LTI is an

Oil Search launches PNG Scholarship Programme in STEM

OIL Search has launched a Science, Technology, Engineering and Mathematics (STEM) Scholarship Programme for Papua New Guineans attending technical schools and universities, continuing its long history of providing young people with opportunities to kick-start their careers. The scholarships worth K5.7m is open to all Papua New Guineans, with priority given to candidates from Oil Search’s project impact area provinces based on merit and includes support to secondary schools. The scheme