Oil Search Limited Managing Director, Peter Botten, says they have made significant progress on resolving outstanding issues related to the identification and verification of landowner beneficiaries from the PNG LNG Project.
Botten said in the company’s 2018 quarter 3 Report, nearly all licences are either receiving or close to receiving benefits.
He added work is continuing to complete identification and verification.
“Of the 15 licences covering PNG LNG Project areas, 13 licences are either receiving or close to receiving benefits,” he said.
“On the back of the momentum gained, further substantial efforts are being put into ensuring that the remaining licences are progressed to completion. Oil Search continues to support the Government to ensure a speedy release of these funds to the rightful beneficiaries.
Meanwhile, Botten said discussions are continuing on the development of three new LNG trains at the PNG LNG Plant Site.
He said key terms are expected to be completed by the end of the APEC Leaders Week.
“During the quarter, discussions continued between the PNG LNG Project, the P’nyang (PRL 3) and Papua LNG (PRL 15) joint ventures on the proposed development of three new LNG trains at the PNG LNG plant site, two underwritten by Papua LNG and one by the PNG LNG and P’nyang gas fields.
“Formal negotiations are continuing between Papua LNG and PNG LNG on the terms for access to the PNG LNG plant site. In addition, the parties continue to mature the technical definition for the developments, explore options for managing FEED studies, advance project financing and progress the remaining agreements required to enable integration of the projects.”
Discussions between the P’nyang (PRL 3) and Papua LNG (PRL 15) joint ventures and the State Negotiation Team (SNT) on key terms for the gas agreements also made progress, with the joint ventures providing project and economic information to the SNT.
“We are aiming to have the key terms agreed by the November APEC Economic Leaders’ Meeting, subject to progress over the next few weeks.”
(Oil Search Limited Managing Director, Peter Botten)