PNG LNG

Justice Derek Hartshorn handed down the decision on Thursday (Dec 3) on questions that were raised by the landowners representing clans of  the areas Hides 1,2,3 and 4, Angore, South East Mananda, Moran and Juha fields.  

The case arose from a Gas agreement that the state entered into on May 22, 2008 for the purpose of commercial production of natural gas in various locations in the Southern Highlands province.

The landowners filed the motion through a writ of summons seeking a declaration from the court to declare that the Gas Agreement of 2008 is void.   

This challenge came from Opposition Leader Don Polye who claims Prime Minister Peter O’Neill lied when he told the people of Hela that proceeds of the LNG project were being held at the Bank of Papua New Guinea.

“In saying that LNG funds are kept in a trust account in the Bank of PNG is compromising the integrity and independence of the bank,” he says.

Woodside confirmed in a statement to the ASX it would offer one of its shares for every four shares in the Papua New Guinea-focused Oil Search.

Before the offer Oil Search had a market capitalisation of $10.24 billion, while Woodside was valued at $25.2 billion.

The offer represented an approximately 13 per cent premium on Oil Search's pre-bid price.

Oil Search shares surged more than 14 per cent on the news to $7.70, while Woodside had fallen back by 2.8 per cent to $29.74 at 12pm (AEST).

He said that the name was given by the government with the advice from the developer Total SA.

Duban said the Elk/Antelope LNG project was situated at the Papuan basin therefore was given the name 'Papua LNG'.

He was responding to Gulf Governor Havila Kavo on the name of the project.

Minister Duban said that the decision to establish the processing plant away from Gulf was reached  through scientific analysis..

He said that Gulf waters are also shallow and would have involved a lot of dredging.