China extends gas interests in Papua New Guinea

Once again Papua New Guinea’s rights and resources traded internationally with no government oversight or landowner consent… 

Repsol sells permits in Papua New Guinea

Rick Wilkinson | Oil and Gas Journal | 21 June 2018

Spanish firm Repsol SA will sell its exploration and development permits in Papua New Guinea to Chinese company Balang International. Repsol has not disclosed the transaction amount.

The nine permits—four exploration and five development—have been in Repsol’s portfolio since 2015.

They include 25% of offshore retention license PRL 38, which contains the Pandora gas fields in the Gulf of Papua, along with 35.1% in the Elevala-Ketu gas-condensate fields in retention license PRL 21, and the Stanley gas fields in nearby development license PDL 10.

Repsol acquired the assets as part of the package when it bought Talisman Energy Inc. for $13 billion in late 2014.

Repsol said the business in Papua New Guinea will continue to be operated by Repsol until the transaction is completed during this year’s fourth quarter.

Balang is part of the China Changcheng Natural Gas Power Group, which has investments in natural gas and power across China and the Asia Pacific region.

Balang Chairman Dai Ying Xiang said his company is committed to the development of the discovered resources within the permits which have the potential to foster and supply a new Papua New Guinea LNG project.

Development could include contributing gas to the proposed 1.5 million-tonne/year Western LNG project, which involves a processing facility near Daru Island on the coast near the mouth of the Fly River.

Advertisements

Leave a comment

Filed under Exploration, Financial returns, Papua New Guinea

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s