OISHF - Exxon PNG government restart negotiations for P'nyang project

The Papua New Guinea government says it has restarted negotiations with Exxon Mobil (XOM +3.4%) over the development of the P'nyang natural gas resource that the company wants to develop as part of a phased liquefied natural gas export project. "If all goes well, we can expect to sign a P'nyang heads of agreement around the end of this next month and a gas agreement thereafter," PNG's petroleum minister says. Exxon and its partners including oil Search Ltd. (OTCPK:OISHF) had sought to develop P'nyang to feed a new processing train at the two-train PNG LNG plant, but talks collapsed in 2019 with the government saying Exxon was unwilling to negotiate. Since then, the focus has shifted to developing P'nyang to feed the existing trains rather than expanding PNG LNG.

For further details see:

Exxon, PNG government restart negotiations for P’nyang project