Oil Search Signs Domestic Gas MOU with the PNG government

Source: www.gulfoilandgas.com 7/24/2008, Location: Asia

Oil Search signed a Memorandum of Understanding (MOU) with the PNG Government. The MOU provides a framework for the PNG Government, its various agencies and Oil Search to work together to commercialise the substantial discovered PNG gas resource that is not currently dedicated to the PNG LNG Project.

Oil Search’s Managing Director, Peter Botten, said: “We are delighted to have executed this MOU with the PNG Government. While the Exxon-Mobil operated PNG LNG Project is our top priority, only approximately 60% of our gas resource in PNG is committed to PNG LNG. We are seeking to commercialise the remaining 40%, comprising approximately two tcf of gas plus associated liquids located in a number of fields, through the development of further LNG trains and other gas-based domestic and export industries.

Under the MOU, Oil Search will work with the PNG Government and other State entities to study gas development hubs/corridors and will review various options to aggregate commercial parcels of gas and develop gas infrastructure. It will also progress discussions with local gas suppliers and potential users of gas for both domestic gas-based industries and export, with Oil Search playing a key coordination and leadership role.

The MOU provides for a number of core initiatives to be pursued. These include:
- The establishment of a Southern Highlands Regional Energy Joint Venture, to assess the potential for provision of power in the region as well as other micro-gas opportunities.
- The formation of a Western Province gas development study Joint Venture together with PNG Sustainable Development and the State.
- The establishment of a joint venture with Itochu/Mitsubishi Chemicals to review a methanol/DME project fuelled by non PNG LNG Project gas.
- A study on the provision of reliable power to the Port Moresby region.
- A study of the Eastern Forelands and potential offshore hub developments.

This MOU provides an excellent cooperative framework within which the Government and Oil Search can work together to study and move forward a range of potential gas development opportunities.”

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