Petroleum
PM Marape Announces Payment Of K33.7 Million To PNG LNG Project Landowners
Prime Minister Hon. James Marape has announced the payment today (March 10 2022) of K33.7 million – K19.7 million cash and K14 million project component – to upstream PNG LNG Project landowners of Petroleum Development License (PDL) 7 in Hela. The payment was made through the Mineral Resources Development Company (MRDC). PM Marape said PDL 7 was one of a series of upstream PDLs that had been problematic with ongoing
PNG Chamber of Mines and Petroleum congratulates all involved in the signing of P’nyang agreement
The Papua New Guinea Chamber of Mines and Petroleum has congratulated all parties involved in the execution of a gas agreement for developing the P’nyang Project. Signatories included joint venture partners Santos, ExxonMobil, JX Nippon, and the PNG government. The agreement was signed at Government House in Port Moresby by Prime Minister Marape, Petroleum Minister Kerenga Kua, Peter Larden from ExxonMobil, and Brett Darley from Santos. The agreement is a
PNG Petroleum Minister Kua attends meeting with Sinopec
Karenga Kua, PNG’s Petroleum Minister, attended a virtual meeting with China’s Sinopec in Beijing recently. Minister Kua and Wapu Sonk, the Managing Director of Kumul Petroleum, met with the Senior Vice President of Sinopec to discuss various aspects of Papua New Guinea’s petroleum business. Among the topics discussed were Sinopec’s interest in additional long-term LNG contracts for the PNG LNG project. The Chinese petroleum giant was the first LNG customer
P’nyang Joint Venture and Papua New Guinea Sign P’nyang Gas Agreement
On 22 February 2022, the Independent State of Papua New Guinea and the P’nyang Project co-venturers, including Esso PNG P’nyang Limited and Ampolex (Papua New Guinea) Limited together with affiliates of Santos and JX Nippon, signed the P’nyang Project Gas Agreement for the proposed development of the P’nyang LNG Project. Key takeaways: Gas Agreement execution provides a firm framework towards the P’nyang Project’s future development Gas Agreement reflects the Government’s
Crude prices directly influence import parity pricing
Hulala Tokome, the manager of Puma Energy PNG – Papua New Guinea’s largest fuel and energy provider – has claimed that crude price fluctuations directly influence the energy market’s import parity pricing. This is a pricing mechanism based on the opportunity cost of imported replacement products and is used to establish domestic sales prices. Mr Tokome said the fluctuating price of oil is being felt across the globe. He added
PacTow ‘Workhorse’ Back in the Water
Pacific Towing (PacTow) is celebrating the return of its tug ‘Waiowa’ to the water. One of PacTow’s 12 tugs, Waiowa is back at work following an engine replacement. Predominantly used for open ocean towage and salvage projects, Waiowa has already been utilised on three projects since rejoining the PacTow fleet. Waiowa is a 35-metre-long Azimuth Stern Drive (ASD) tug with a 57-tonne bollard pull and 4,300 brake horsepower. Although her
PacTow Celebrates ISO Certifications
Marine Services company Pacific Towing (PacTow) is celebrating three recent and significant ISO certifications – ISO:9001 (Quality), ISO:45001 (Occupational Health & Safety), and ISO:14001 (Environment). The certifications apply to the diverse breadth of services the company provides to clients across multiple industries in both Papua New Guinea and internationally. The ‘scope’ of PacTow’s ISO certifications is extensive, encompassing towage, mooring, salvage, commercial diving, and life raft services. Although harbour towage
PNG PM confident of smooth road ahead for country’s LNG projects
PNG’s Prime Minister James Marape has declared that announced that the onshore P’nyang Project and the offshore Pasca condensate field developments “are definitely going ahead.” The PM also announced that he had paved the way for the US$20 billion, Total-operated Papua LNG Project with the passage of six important pieces of legislation by Parliament. Prime Minister Marape said discussions on P’nyang said following a meeting with Total on the Papua
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