Total LNG project approved by Papua New Guinea despite reservations
Category: #energy-and-environment  By Deeksha Pant  Date: 2019-09-04
  • share
  • Twitter
  • Facebook
  • LinkedIn
Total LNG project approved by Papua New Guinea despite reservations
  • This project is predicted to double the gas exports of country and eventually turn the nation into an important energy player.
     
  • Total will make a “National Content plan” to further set out local advances, develop access points on LNG pipeline and look into making a limited JV with Kumul, a local company.

Papua New Guinea, the nation in southwestern Pacific, reportedly announced that multibillion-dollar LNG project led by French multinational gas and oil company, Total S.A. has been approved. The project would now commence after the government cast aside demands to get the contract reworked to make it more beneficial for locals.

The Ministry of Petroleum of Papua New Guinea stated that the government has cleared Total to go ahead and work on the project with their complete potential.

This announcement was done after the sometimes-acrimonious interactions between the commercial partners Australia’s Oil Search, ExxonMobil as well as Total and the government over the terms and conditions of a $13 billion deal that was already signed.

Despite the prolonged insistence of government that the country’s experienced businessmen are aware of the fact that signed contracts can be opened again for reconsideration, Total-led companies seem to have offered a few binding or meaningful concessions.  

Total will make a “National Content plan” to further set out local advances, develop access points on LNG pipeline and further look into making a limited joint venture (JV) with Kumul, a local company.

This project is predicted to double the gas exports of country and would eventually turn the nation into an important energy player. However, there still is widespread doubt among locals about its impact, after the nationwide financial benefits promised by a previous LNG project did not successfully materialize.    

About Total:

Total S.A. is a global oil and gas firm established in 1924 and is counted among the seven top oil and gas companies in the world. The company is headquartered in Courbevoie, France.

 

Source credit: https://www.deccanchronicle.com/world/america/030919/papua-new-guinea-approves-vast-total-gas-project-despite-reservations.html

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Deeksha Pant

Deeksha Pant    

Endowed with a master’s degree in finance and management, Deeksha Pant brings forth a qualitative approach in her writings. Deeksha presently pens down news articles for groundalerts.com and other websites, harnessing her passion toward working for digital media, PR...

Read More >>

More News By Deeksha Pant

Uber to implement new safety features to revive its U.K. license
Uber to implement new safety features to revive its U.K. license
By Deeksha Pant

Uber had received only a 2-month operating license in September for London   The company touts close to 45,000 licensed drivers in the city Ride-hailing leader Uber has reportedly launched new safety features for its U.K. business, as it s...

BFM partners with Triton Digital to enhance streaming audio content
BFM partners with Triton Digital to enhance streaming audio content
By Deeksha Pant

With the penetration of the internet, the demand for podcast have surged significantly across the globe. This growing trend has encouraged companies to partner with potential podcast service providers to enhance their business reach.  Triton Di...

Balderton launches $400 million fund for European tech startups
Balderton launches $400 million fund for European tech startups
By Deeksha Pant

Tech sector in Europe is seen as lagging behind when compared to its Chinese and U.S. counterparts   Interest from American investors in private tech sector of Europe encouraged Balderton to launch a new fund Balderton, a venture capital f...