P’nyang gas agreement executed

Santos has joined the Papua New Guinea Government, alongside ExxonMobil and JX Nippon, to execute a gas agreement that provides a clear framework for the P’nyang project’s future development. The signing of the gas agreement marks a major milestone for the project, setting out the fiscal framework and supporting project scoping and evaluation. Subject to a …

Sojitz, CS Energy to supply green hydrogen for Palau

Japan’s Sojitz Corporation is set to work with Queensland’s CS Energy and Nippon Engineering Consultants to transport renewable hydrogen processed in Australia to the Republic of Palau.  The hydrogen will be used in fuel cells and hydrogen fuel cell vessels where it will replace carbon-intensive diesel.  The project will use solar power generation to produce …
Santos receives merger clearance

Santos receives merger clearance

Santos has received clearance from the Independent Consumer and Competition Commission (ICCC) of Papua New Guinea to implement the merger with Oil Search. As per the scheme, Santos will obtain all the shares in Oil Search in exchange for the issue of new Santos shares to Oil Search shareholders. Shareholders will also own around 38.5 …
FFI in PNG

Oil Search PNG LNG redetermination

Oil Search has reached a commercial agreement with its joint venture (JV) partners in the PNG LNG project regarding the determination of participating interests.  The redetermination process was initiated in December 2020 and has now concluded, and no more adjustments will be made to the participating interests in the PNG LNG project – the region’s …
Oil Search

Santos, Oil Search extend merger deadline

Santos and Oil Search have agreed to extend the due diligence period for their possible merger to September 13, 2021. Last month Santos and Oil Search agreed on a merger ratio, with the companies a step closer to having a diversified portfolio of high-quality, low-cost assets across Australia, Timor-Leste, Papua New Guinea and North America. …
PNG LNG

P’nyang agreement back on the cards for Oil Search

Oil Search’s portfolio of high-quality assets in Papua New Guinea (PNG) continued to drive strong performance in the first half of 2021, with its operated assets, oil production increased slightly from the previous corresponding period. PNG LNG gross throughput delivered an annual average run rate of 8.24 million tonnes per annum (MTPA) during the first …
Oil Search

PNG PM voices support for Santos, Oil Search merger

Papua New Guinea Prime Minister James Marape says the government is fully aware of the Santos and Oil Search proposed merger, stating he could see some positive development from the deal. “Oil Search is a prominent PNG company whose activities comprise a significant percentage of PNG’s GDP and provides the livelihood to thousands of Papua …

Oil Search remains strong despite COVID-19 impacts

Oil Search acting chief executive officer Peter Fredricson said the company has delivered strong production in the last quarter, supported by the safe completion of the major planned maintenance campaign at PNG LNG by the operator, ExxonMobil. “Operated production from our Moran and Agogo fields continues to perform strongly, and operated gas production was able …

PNG assets perform strong: Oil Search

Oil Search managing director Keiran Wulff has described that last quarter as stable, with both its growth developments achieving important milestones. Outlined in the company’s quarterly report, the Papua New Guinea (PNG) Government signed a the fiscal stability agreement and awarded a five year licence extension for Papua LNG. “The joint venture is now reviewing …
PNG LNG

Stronger and safer than ever: Oil Search

Oil Search managing director Keiran Wulff believes the company has emerged from 2020 stronger and more resilient as a result of its response to COVID-19. Outlined in the company’s 2020 full year results, Oil Search delivered a full year production of 29 million barrels of oil equivalent and the strongest safety performance since assuming operatorship …