LNG

Be ahead in LNG market: Official

Chairman of FGE, Dr. Fereidun Fesharaki, said currently they forecast 180 million tonnes in Final Investment Decisions (FID) to be made between 2018 and 2021, in a bid to supply demand from 2022 to 2025.

Dr Fesharaki said this at the 3rd Petroleum and Energy Summit in Port Moresby last week.

Dr. Fesharaki said a significant shortage is expected from 2022 to 2025, following a lack of FIDs between 2016 and 2018, and by 2022, there will be a major shortage.

Governor calls for ‘aggregation scheme’ for resources

He said P’nyang gas field and all other gas and liquid fields in Western Province must be developed within the province through an “aggregation scheme”.

He added that few gas fields in the province cannot be developed as standalone due to their low resource deposits.

Therefore, he said the proposed aggregation scheme would pave way for the monetization of these stranded gas fields.

“Without this scheme, it is absolutely known that these stranded gas fields won’t and will never go into production,” says Yoto

Loop PNG's 5@5

Violence ‘clearly connected’ with LNG frustrations

For the past three years, there have been a series of incidents of violence, sabotage and kidnapping that are clearly connected with frustrations and discontent about the LNG project.

http://www.looppng.com/png-news/violence-%E2%80%98clearly-connected%E2%80%99-lng-frustrations-76523

 

District court refuses to relax Schram’s bail conditions

Positive results for LNG market: KPHL

Kumul Petroleum Holdings Limited managing director Wapu Sonk made these remarks during the 2nd Petroleum and Energy Summit in Port Moresby on Monday.

However, Sonk said PNG is uniquely positioned and is central to the biggest demand growth in South East Asia.

When the price of LNG drops, it will increase the demand and PNG will be in a better position to market its LNG, stated the MD.

Impacted LOs plead for electricity

Ward councilor of Papa, Tarata Geita, said: “It is our humble request that we collectively negotiate with the new gas fired power plant board management, led by chairman Wapu Sonk, to consider supplying the four impact communities of Papa, Lealea, Boera and Porebada free electricity for the duration of the PNG LNG Project.”

Geita said this request from landowners from portion 152 must be met.

Currently the landowners receive power supply from the rural electrification program initiated by the Central Provincial Government.

Makiba commits to people

In a joint media conference in Port Moresby by the four Hela MPs, Akiba said there are issues in his district that needs government attention.

He said one of it was the royalty payment to the landowners.

He added that landowners of PDL1, Hides1, PDL7, Hides 4, Angore, PDL 8, Juha, PDL 9, Moran PDL5 and West Moran PDL6, as well as the pipeline landowners, have been waiting for almost 8 years now without any benefits from the royalty and equity payments.

He said since the signing of the UBSA and LBBSA in Kokopo in 2009, nothing has been forthcoming for his people.

KPHL and LNG Japan sign joint venture agreement

The agreement will enable KPHL to enter the active LNG market and trade LNG cargoes in to LNG market spots.

KPHL Managing Director, Wapu Sonk, and LNG Japan Limited President and CEO, Norikazu Onishi, both signed the agreement today in Port Moresby, in a separate ceremony from the Inaugural Petroleum and Energy Summit.

Sonk said the agreement allows both companies to begin work on a joint venture partnership and take advantage of spot markets.

PM O’Neill officially opens Petroleum and Energy Summit

The summit was officially opened by Prime Minister, Peter O’Neill, in front of more than 300 current and potential investors.

The opening session included speeches by O’Neill, Minister for Petroleum and Energy, Nixon Duban.

Speakers from various major investors included Director Oil and Gas Division, Ministry of Economy, Trade and Industry (METI) Yuki Sadamitsu, Chief Fuel Transaction Officer & Senior Vice President Exceutive, JERA Co. Inc, Hiroki Sato, and Dr Fereidun Fesharaki of the FGE.

Police say landowner protests illegal

Asi said there is no approval given by authorities to stage the protest.

The PPC, who was at the site this morning told Loop PNG that he had warned landowners not to cause any damage to the plant site but to allow the operation to continue as normal.

He had advised them that the protest was illegal and while the landowners have been reluctant to back off, they promised to do it peacefully.

Asi said his men are on the ground to protect facilities and to ensure the protest does not turn rowdy.

LOs’ K200m parked in Central Bank, reveals O’Neill

He said various orders issued by Courts by various landowners have put a stop to the disbursement of the funds.

Until those cases are resolved, the Government will not be paying the landowners, explained the PM.

He said the Government has been in close discussion with all the landowners to resolve the issues amicably before the funds are disbursed.

“We are not in the business of withholding the benefits of the landowners that was signed in the UBS agreement by the previous government and landowners in Kokopo, but working to disburse the funds.”