Boston, MA -- (ReleaseWire) -- 06/11/2014 -- BMI View: The first LNG deliveries from Papua New Guinea's ExxonMobil-led PNG LNG facility, the country's first gas export project, are expected ahead of schedule in July 2014. There continues to be new proposals for LNG exports, including Total's monetisation plans for the Elk/Antelope fields and a possible floating LNG development by Osaka Gas. Gas projects will also offer some relief to a decline in liquids output, condensate from the PNG LNG project will give oil production a temporary boost.
The main trends and developments we highlight for Papua New Guinea's oil and gas sector are:
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- Horizon Oil has been given approval for the Stanley Gas Project achieving the conditions required for Osaka Gas to take a 40% stake in the project. Initially the Stanley Gas project will produce around 4,000 barrels per day (b/d) of condensate by around 2016, reinjecting produced dry gas. Eventually, this dry gas is expected to be combined with output from other production licences and sent to a floating LNG facility at Daru Island. We have increased our liquids production forecast to accommodate new condensate production, but are yet to alter gas forecasts.
- In December 2013 French major Total farmed-in to the PRL 15 licence containing the Elk/Antelope complex with a 40.1% interest. As a result of the Total deal with InterOil in Q2 we altered our forecasts for PNG's gas production. The new agreement has delayed both the expected addition of gas to supply a third train at ExxonMobil's PNG LNG facility and also postponed production from the Elk/Antelope complex until around 2020, by which time a second standalone LNG export terminal could be operational.
- Overall, our view remains largely optimistic on PNG's gas sector, which we expect will expand beyond the initial two trains due online from the Exxon-led PNG LNG project in 2014. First gas from the project could treble PNG's exports and boost its GDP by at least 20%. Due to new LNG export facilities, we forecast...
The Papua New Guinea Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'s independent forecasts for Papua New Guinea including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.
BMI's Papua New Guinea Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Papuan oil and gas industry.
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