ExxonMobil and Papua New Guinea Sign P’nyang Gas Agreement
22 Février 2022 - 2:00PM
Business Wire
- Agreement provides clear framework toward P’nyang project’s
future development
- ExxonMobil-operated P’nyang project would link new upstream
facilities in Western Province to existing infrastructure
ExxonMobil subsidiary Esso PNG P’nyang Limited, Ampolex Limited,
and the Independent State of Papua New Guinea have signed the
P’nyang project gas agreement for the proposed development of the
P’nyang LNG project.
Subject to a final investment decision by the P’nyang project
co-venturers, the ExxonMobil-operated P’nyang project would deliver
LNG by constructing new upstream facilities in Western Province
linked to existing infrastructure. The agreement provides the
fiscal framework for the project and supports project scoping and
evaluation. The P’nyang field is estimated to have 4.36 trillion
cubic feet of gas.
“On behalf of ExxonMobil and the other co-venturers, I thank the
PNG national government along with the government of Western
Province for their partnership in moving the P’nyang project
forward,” said Liam Mallon, president, ExxonMobil Upstream Oil and
Gas. “The P’nyang project gas agreement marks a significant
milestone and underscores the intent of all stakeholders to set a
clear framework toward the P’nyang project’s future
development.”
The P’nyang development in Western Province is proposed to
commence following the Papua LNG project, which will be located in
Gulf Province. The phased approach to gas development would support
ongoing economic growth in Papua New Guinea. 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.
ExxonMobil is continuing to work with the government regarding
their interest in purchasing additional equity in the project.
The P’nyang project would provide about four years of additional
construction activity after Papua LNG and drive economic benefits
for the country and participating provinces. Upon completion, the
P’nyang project would make available up to five percent of gas
produced to Western Province or another agreed location to support
the government’s electrification efforts.
The project would support job creation in Western Province and
other involved provinces, with the Papua New Guinean workforce and
local businesses benefiting from economic opportunity as well as
training and skills development programs. In parallel, social
investment initiatives in collaboration with the provincial and
national governments as well as community stakeholders are designed
to further enhance community livelihoods.
The P’nyang field is located within Petroleum Retention License
3, which covers 105,000 acres (425 square kilometers). Esso PNG
P’nyang Limited, a subsidiary of Exxon Mobil Corporation, operates
the license and, together with Ampolex (Papua New Guinea) Limited,
has a 49 percent interest. Affiliates of Santos and JX Nippon have
a 38.5 percent interest and 12.5 percent interest respectively.
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Cautionary Statement
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
project plans, schedules, capacities, production rates, timing, and
resource recoveries could differ materially due to: changes in
market conditions affecting the oil, gas, LNG and chemical
industries or long-term oil, gas and LNG price levels or contract
terms; political or regulatory developments including obtaining
necessary regulatory permits; restrictions in trade, travel or
broader government responses to current or future waves of
COVID-19; reservoir performance; the outcome of future exploration
and development efforts; technical or operating factors; the
outcome of commercial negotiations; unexpected technological
breakthroughs or challenges; and other factors cited under the
caption “Factors Affecting Future Results” on the Investors page of
our website at exxonmobil.com and under Item 1A. Risk Factors in
our annual report on Form 10-K. References to “recoverable
resource” include quantities of oil and gas that are not yet
classified as proved reserves under SEC rules but that are expected
to be ultimately recoverable and are provided on a gross basis.
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