Papua New Guinea President Peter O'Neill has signed a non-binding memorandum of understanding with French oil giant Total to help double liquefied natural gas (LNG) exports from the island. Discussions are ongoing about financial terms for the $13bn project, but if it goes ahead, Total will run Papua LNG, supplying gas from its Elk-Antelope fields for two new processing trains at ExxonMobil’s PNG LNG plant. Exxon would also help develop a third train at the P’nyang field. If a timely final investment decision is made, exports could begin by 2020 or 2021 and meet rising LNG demand from Asian markets.
Papua New Guinea President Peter O'Neill has signed a non-binding memorandum of understanding with French oil giant Total to help double liquefied natural gas (LNG) exports from the island. Discussions are ongoing about financial terms for the $13bn project, but if it goes ahead, Total will run Papua LNG, supplying gas from its Elk-Antelope fields for two new processing trains at ExxonMobil’s PNG LNG plant. Exxon would also help develop a third train at the P’nyang field. If a timely final investment decision is made, exports could begin by 2024 and meet rising LNG demand from Asian markets.