Western Leaders back PM on Pnyang

Western Governor, Taboi Awi Yoto, and North Fly MP, James Donald, announced in a joint statement their endorsement of the Prime Minister stance to stop negotiations and focus on other resource projects currently in the pipeline.

According to the statement the leaders said PNG was entitled to a fair deal. And after the PNG LNG Project, they expectied ExxonMobil and project partner, Oil Search, to display commercial fairness and reasonableness.

The leaders said the companies chose to discard these core virtues.

Kumul Petroleum signs HOA with Total

This is for the joint marketing and sale of their shares of LNG and condensates to be produced from the Papua LNG Project.

Under the HoA, KPHL and Total will negotiate a shareholders’ agreement for an Incorporated Joint Venture (IJV) to be set up as the corporate vehicle to commercialise their combined production share of LNG and condensates from Papua LNG and jointly staffed by Total and KPHL. 

The IJV will engage potential buyers of LNG in the Asia-Pacific region for the long term sale and purchase of their respective entitlements of LNG in Papua LNG.

Government confident in Papua LNG developer

That is the assurance by Minister for Petroleum and Energy, Nixon Philip Duban in meeting with the Managing Director for Total E&P PNG, Philippe Blanchard recently.

“We want to show our support to ensure the wells are drilled, completed and also look at the current licence their holding and as a Government because of the importance of the project we are committed to ensuring that their concerns are given every support so that they are ready to obtain a PDL at the right time,” Duban said.

Price too high to acquire InterOil: O’Neill

Prime Minister Peter O’Neill told Parliament today that the country could not afford to buy any shares in the acquisition given the current cash flow problem.

However, he said the Government has put both companies on notice that the Government will exercise on its right under the Oil and Gas Act that enables it to 22.5% shares as soon as the proposals put out by the operator of the fields.

O’Neill was responding to Gulf Governor on the position of the Government on the acquisition of InterOil by ExxonMobil.

Oil Search agrees to acquire InterOil

Managing Director Peter Botten in a statement said announcement of the acquisition will place the company in an even better position to advance the Company’s PNG growth opportunities.

He said Oil Search has also today executed a Memorandum of Understanding (MoU) with Total, for a back-to-back farmout of some of the InterOil interest acquired, strengthening the Company’s existing partnership with Total and ensuring the Company’s efforts on the Papua LNG Project remain aligned.

Total commence drilling at Antelope 5

The extended well test will flow Antelope-5 at around 50 million standard cubic feet per day for approximately two weeks before being shut-in to record the subsequent pressure build-up.

In a statement, InterOil said the pressure gauges have been placed in Antelope-1 as an observer well.

The test is expected to take approximately one month to complete.

Shell, Total get first foreign gas stations in Iran

The Press TV English-language channel quotes the head of Iran's filling stations union, Bijan Haj Mohammadreza, as saying 100 new licenses have been issued to each company.

Until now, the only retail service stations belonged to the National Iranian Oil Products Distribution Company.

The agreement comes after Iran and world powers reached a deal in July that curbs the Persian country's disputed nuclear program in return for the lifting of international economic sanctions.