OPPORTUNITIES to sell liquefied natural gas from Papua New Guinea to Japan got an additional boost in August after a memorandum of understanding (MOU) was signed between the National Petroleum Company Papua New Guinea (NPCP) and energy trading house LNG Japan Corporation.
NPCP said the MOU set out the principles on which a potential future marketing and shipping joint venture arrangement for liquefied natural gas would be created.
NPCP managing director Wapu Sonk said the MOU was a significant milestone for the group, adding that it would develop in-house training and helping its employees gain more experience through this relationship.
“This MOU arrangement, once off the ground, will enable NPCP and LNG Japan to collaborate and look for opportunities to market LNG and other petroleum products as and when the opportunities arise.”
He added that NPCP was grateful to be working with LNG Japan, which he said brought financial and technical capabilities as well as years of experience in LNG marketing to the table.
NPCP holds a 16.6 per cent stake in the PNG LNG project as well as a 20.5% stake in our petroleum development licences operated by ExxonMobil, including PDL 1, which sells gas to the Hides gas to electricity plant.