Papua New Guinea: Memorandum of Understanding Total Sings MoU on LNG Project with Papua New Guinea
Total and its partners Exxon Mobil and Oil Search have signed a Memorandum of Understanding (MoU) with the Independent State of Papua New Guinea defining the key terms of the Gas Agreement for the Papua LNG Project.
Port Moresby/Papua New Guinea — The MoU was signed during the Asia Pacific Economic Conference (Apex) in Port Moresby, in presence of Peter O’Neill, Prime Minister of Papua New Guinea, and Patrick Pouyanné, Chairman and CEO of Total. The proposed Gas Agreement is expected to be finalized by Q1 2019.
The company is the operator of the Elk and Antelope onshore fields and is the largest shareholder in PRL-15 with a 31.1 % interest, alongside partners Exxon Mobil (28.3 %) and Oil Search (17.7 %), post the State back-in right of 22.5 %.
The Papua LNG Project will encompass two LNG trains of 2.7 MTPA each and will be developed in synergy with the existing PNG LNG project facilities. The French group and its partners have agreed to launch the first phase of the engineering studies of this project.