ExxonMobil, Shell and Total head to head for PNG gas
These last months of 2013 have seen the major companies ExxonMobil, Shell and Total in an intense competition to share working interests with the junior New York-listed company InterOil Corporation (InterOil) in the large Elk and Antelope discoveries of the western Papua New Guinea (PNG).
For nearly one century, Papua New Guinea is producing oil, but in 2007 the discoveries of large reserves in gas and condensate associated to its excellent geographical position in Asia have suddenly attracted the spot lights of the international oil companies (IOC).
ExxonMobil, Santos from Australia, and Nippon Oil from Japan were the first to make a deal with the local Oil Search and the wholly state-owned National Petroleum Company of PNG for the construction a $19 billion PNG LNG project.
The construction started in 2010 and include the production of 6.9 million tonnes per year (t/y) of liquefied natural gas (LNG) at the Port Moresby on the Gulf of Papua in PNG.
From this PNG LNG project to come on stream in 2014, ExxonMobil and its partners could expect to add more LNG trains to integrate the gas production from Elk and Antelope at minimum expenses.
But instead, the Papua New Guinea Government preferred to develop a separate project such as drafted by InterOil and a stand alone development.
After intensive discussions between the remaining players , Total managed to convinced the local Authorities about the benefits of the Gulf LNG project proposed by InterOil and based on a conventional onshore LNG plant at the other side of the Gulf of Papua than PNG LNG.
With the local company Oil Search to take shares in the Total – InterOil joint venture, the Gulf LNG project should reach the final investment decision in 2016.
Total takes Elk and Antelope gas fields majority stake
The Paris-based international oil company (IOC) Total took a leap on the finish line ahead of other majors companies to close a deal with the New York-listed junior Inter Oil Corporation (InterOil) to acquire majority stake in the giant Elk and Antelope gas fields that could sustain the production of liquefied natural gas (LNG) at the Gulf LNG project in Papua New Guinea.
Gulf LNG in competition with PNG LNG expansion
Listed in New York Stock Exchange, InterOil was established in 1997 to take a leading role in the energy sector of Papua New Guinea.
After building up and operating the first crude oil refinery in Port Moresby, Papua New Guinea, InterOil took over Shell retail and distribution network in Papua New Guinea in 2006.
Horizon and Osaka Gas to ally in Papua New Guinea
The Australian Horizon Oil Ltd (Horizon) and the large utility company Osaka Gas fromJapan signed a strategic alliance to develop acreage gas fields in Papua New Guinea (PNG) for the production of condensate and liquefied natural gas (LNG).
Total and Oil Search build reserves for Coral Sea LNG
On October 9th 2012, the french major Total and the Australian – Papua New Guinea junior Oil Search Limited (Oil Search) signed a Farm-in agreement on five natural gas onshore and offshore blocks around the Gulf of Papua.
