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Exxon Partner Oil Search to Decide on LNG Expansion by End 2016

Oil Search Ltd. (OSH) plans to decide on adding new liquefied natural gas processing plants by the end of 2016, as the Papua New Guinea-focused company outlined plans that may double output by early next decade. Oil Search also will return as much as half of its profit to shareholders in dividends after the start earlier this year of a $19 billion LNG project in Papua New Guinea , the Port Moresby-based company said today in a statement. The Exxon Mobil Corp.-led LNG project will also allow Oil Search to fund expansion, the company said following a review of its strategy. Oil Search said it expects two or three more LNG production units to be built in the country with the development of InterOil Corp. (IOC) ’s Elk and Antelope discoveries. “New LNG development in PNG will be among the most competitive in the region,” Neil Beveridge , a […]

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Papua New Guinea became the world’s newest significant energy exporter

SYDNEY—Papua New Guinea, a small Southeast Asian nation better known for its jungles and corruption, became the world’s newest significant energy exporter after an Corp-led facility began shipping natural gas. The cargo delivery from the US$19 billion PNG LNG project is the first from several new liquefied natural gas, or LNG, terminals in Papua New Guinea and Australia. These plants are due to start up over the next three years and will mark a shift in the global LNG trade’s epicenter, away from the Middle East. Work began on the PNG LNG project in 2010, when Asian gas users were looking to ramp up imports of fuels that burn cleaner than coal, and international energy companies were struggling to access resources not owned by foreign governments. The industry’s landscape has changed dramatically since then, with companies in North America now looking to export shale gas while China this week […]

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Papua New Guinea became the world's newest significant energy exporter

SYDNEY—Papua New Guinea, a small Southeast Asian nation better known for its jungles and corruption, became the world’s newest significant energy exporter after an Corp-led facility began shipping natural gas. The cargo delivery from the US$19 billion PNG LNG project is the first from several new liquefied natural gas, or LNG, terminals in Papua New Guinea and Australia. These plants are due to start up over the next three years and will mark a shift in the global LNG trade’s epicenter, away from the Middle East. Work began on the PNG LNG project in 2010, when Asian gas users were looking to ramp up imports of fuels that burn cleaner than coal, and international energy companies were struggling to access resources not owned by foreign governments. The industry’s landscape has changed dramatically since then, with companies in North America now looking to export shale gas while China this week […]

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