Oil and Gas News

Oil Search commits to finding answer to PNG agreement

Oil Search has reinforced that a solution to the P’nyang gas agreement with the Papua New Guinea Government remains a key hurdle that the project’s joint venture plans to overcome.

Earlier this month, the PNG Government pulled the plug on negotiations with joint venture partners ExxonMobil, Total and Oil Search on the expansion of the PNG LNG project.

“Since then, both ExxonMobil and Total have indicated their support for renewed discussions with the government, as all project proponents, including Oil Search, believe that the existing proposed three-train development is the most efficient way to develop Papua LNG and P’nyang and creates the most value for stakeholders, including the PNG Government and the people of PNG,” Oil Search outlined in its full year report.

“Once the P’nyang Gas Agreement is signed, the project participants are largely ready to progress into the FEED phase. Oil Search is encouraging all parties to continue discussions and finalise acceptable terms.”

Meanwhile, Keiran Wulff has officially started as managing director of Oil Search.

Wulff replaces Peter Botten, who has stepped down as chief executive officer and from the board. Botten will leave Oil Search in all capacities on August 25 this year.

Oil Search has welcomed Wulff to lead the company as it embarks on its next phase of growth and strategic transition.

Wulff, who was appointed CEO designate last October, has more than 30 years’ experience in the international oil and gas industry. He originally joined Oil Search in 1993, before leaving in 2008 and re-joining in 2015.

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