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Papua New Guinea Scraps Talks with Exxon on P'nyang Gas Project

Source: www.gulfoilandgas.com 1/31/2020, Location: Asia

Papua New Guinea called off negotiations with Exxon Mobil regarding the P’nyang gas project, casting a shadow on a $13 billion plan to double the country’s gas exports by 2024. The government said Exxon had refused to budge on the financial terms for developing the gas field and failed to come up with an offer it could accept.

The P’nyang field was key to helping feed the expansion of Exxon’s PNG LNG plant, which it operates with partners Oil Search and Santos, among others.

The P’nyang agreement is one of two agreements needed for Exxon and its partners to go ahead with their $13 billion plan to expand LNG exports. The other agreement, the Papua LNG pact, was sealed with Total in September.

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