ExxonMobil signs a gas agreement with Papua New Guinea over P’nyang project

24 Feb 2022

ExxonMobil and the government of Papua New Guinea have reached an agreement over the development of the P'nyang gas field, whose gas resources are estimated at 4.36 tcf (approximately 123 bcm). The P’nyang project will be an independent project with landowner benefits to be provided under a future benefit sharing agreement to be negotiated by the State in accordance with the Oil and Gas Act. 

The P’nyang field is located within Petroleum Retention License 3, which covers 105,000 acres (425 km2). ExxonMobil, operates the license and, together with Ampolex (Papua New Guinea), has a 49% interest. Santos and JX Nippon own the remaining stakes, i.e. 38.5% and 12.5% respectively. The P’nyang development in Western Province is proposed to commence following the US$13bn Papua LNG project, which will be located in Gulf Province. The Papua LNG project is a 5.4 Mt/year (7.3 bcm/year) export project, consisting of two 2.7 Mt/year (3.65 bcm/year) liquefaction trains that would be developed in synergy with the existing 6.9 Mt/year PNG LNG plant (7.3 bcm/year, commissioned in 2014).

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