Santos Executes Milestone Gas Agreement for P地yang Project

Source: 2/22/2022, Location: Asia

Santos has joined the Papua New Guinea Government and P地yang project participants (affiliates of ExxonMobil and JX Nippon) to execute a gas agreement that provides a clear framework for P地yang痴 future development.

The signing of the gas agreement marks a major milestone for the project, setting out the fiscal framework and supporting project scoping and evaluation.

Subject to a final investment decision by the P地yang participants, the ExxonMobil-operated P地yang project would deliver LNG through new upstream facilities in Western Province linked to existing infrastructure, including our world-class PNG LNG plant near Port Moresby.

Upon completion, up to five per cent of P地yang gas produced would also be made available to support the government痴 electrification efforts in Western Province or another agreed location.

Santos Managing Director and Chief Executive Officer, Kevin Gallagher, said he welcomes today痴 gas agreement and looks forward to supporting the operator to develop this valuable resource for the region and as long-term backfill for existing LNG infrastructure.

典he signing of the P地yang project gas agreement demonstrates the commitment of all parties to the project and will bring economic benefits for the people of PNG when the project is developed, Mr Gallagher said.

的 thank the PNG Government and the government of Western Province for their partnership with the P地yang participants to move towards P地yang project development, which is proposed to commence following delivery of the Papua LNG project.

典he P地yang project will provide landowner benefits under a benefit sharing agreement to be negotiated in the future. Development of P地yang will create local and regional jobs and business opportunities, provide training and skills development opportunities and help build stronger communities.

The P地yang gas field is within PRL3, located in the Western Province of Papua New Guinea. Santos has a 38.5 per cent interest in P地yang.

This ASX announcement was approved and authorised for release by Kevin Gallagher, Managing Director and Chief Executive Officer.

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