P'nyang Project

Prime Minister James Marape says this assurance has been made to stakeholders in the mining and petroleum sectors.

The Prime Ministers revealed this when announcing the non-renewal of the Porgera Gold Mine Special Mining Lease.

Marape said the announcement of the non-renewal of the SML should not scare investors and stakeholders in the mining and petroleum sectors.  

In its March Quarter Report for 2020 Oil Search says it remains committed to progressing the three-train integrated expansion project, a highly cost-effective development, at the appropriate time.

The agreement is required before the LNG expansion project can move into the FEED phase.

Formal negotiations between ExxonMobil, on behalf of co-venturers, and the PNG Government on the P’nyang Gas Agreement were suspended in late January after a failure to reach an agreement on the project.

Petroleum Minister, Kerenga Kua clarified this in parliament today when questioned why ExxonMobil continued discussions on the Pnyang Project when the PRL License expired.

North Fly MP, James Donald, raised a series of questions in parliament.

One of them was to clarify why ExxonMobil was allowed to negotiate on the P’nyang Project when the PRL the hold expired.

“Can the Minister confirm or deny the PRL license gas expirzed and so ExxonMobil is unlawfully holding onto the license?” asked Donald.