Total LNG project approved by Papua New Guinea despite reservations
Category: #energy-and-environment  By Pranali Mehta  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

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Goldman Sachs secures $8Mn stake in Purplle’s angel investors
Goldman Sachs secures $8Mn stake in Purplle’s angel investors
By Pranali Mehta

American investment bank and financial services firm, Goldman Sachs Group, Inc. has recently acquired a stake in online beauty and cosmetic retailer, Purplle’s two angel investors. For the uninitiated, in 2019, Goldman Sachs had led a...

Oil India and Engineers India to acquire 48% stake in BPCL-owned NRL
Oil India and Engineers India to acquire 48% stake in BPCL-owned NRL
By Pranali Mehta

A consortium led by Oil India Limited and Engineers India Limited has reportedly planned to proceed with the acquisition of 48 per cent shares in Numaligarh Refinery Limited, a subsidiary of BPCL. According to Harish Madhav, the Director of Finance ...

Aspire to become the majority shareholder in RapidValue Solutions
Aspire to become the majority shareholder in RapidValue Solutions
By Pranali Mehta

Global IT services provider Aspire Systems has reportedly announced that it has bought a majority stake in RapidValue Solutions, a leading provider of digital product engineering solutions. This deal involves the purchase of Helion Ventures’ en...