Oil Search signs Pre-Development Agreement with EnerSea and Itochu

Source: www.gulfoilandgas.com 6/17/2004, Location: Asia

Oil Search announced the signing of a Pre-Development Agreement with EnerSea Transport LLC (a US-based technology and service provider for CNG marine transport solutions) and Itochu Corporation (a developer of international industrial projects, based in Japan) to further explore the opportunity for the transportation of compressed natural gas (CNG) from Papua New Guinea (PNG) to New Zealand.

Under the Pre-Development Agreement, work will take place on determining the optimum source of gas from Oil Search’s extensive resources in PNG, assessing the market potential in New Zealand and establishing the economic viability of transporting large volumes of compressed natural gas using EnerSea’s proprietary transport technology. The Pre-Development Agreement is designed to facilitate Front End Engineering and Design entry during the fourth quarter of 2004, depending on the results of these studies.

Commenting on this announcement, Mr Peter Botten, Oil Search’s Managing Director said:

“Oil Search and our Joint Venture partners EnerSea and Itochu believe the supply of CNG to the New Zealand electricity generation market may be economic. We have substantial gas resources in PNG, EnerSea has leading-edge technology to transport it economically to New Zealand, and Itochu has the international experience and know-how to support a project of this kind.

Using the abundant gas resources of PNG to assist NZ gas supply problems could provide a regional energy solution to a regional energy problem, benefiting both countries.

CNG supply could mean New Zealand generators would be able to plan and invest with greater confidence, based on the certainty of a secure future gas supply, while utilising New Zealand’s existing natural gas distribution infrastructure.

“The activities that will be carried out by this Joint Venture under the Pre- Development Agreement are complementary to Oil Search’s other gas commercialisation initiatives, in developing a diverse PNG in-country gasbased industry utilising our significant gas resources.”



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