PNG says fails to agree with Exxon Mobil on P'Nyang gas project
1/31/2020
Papua New Guinea has been unable to reach a mutually beneficial deal with Exxon Mobil regarding the P’Nyang gas project, despite offering significant concessions, the prime minister said.
PNG’s new government is pushing to extract more benefits from the P’Nyang project as part of a wider effort to reap more rewards from mineral and petroleum resources to lift the country out of poverty.
The new delay to the P’Nyang agreement will make it harder for Exxon and partners Total SA, Oil Search and Santos Ltd to reach a final investment decision in 2020 on their plans to double LNG exports from the country. (Reporting by Nikhil Subba in Bengaluru; editing by Jason Neely)
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