Horizon Oil Gets Approval to Develop Stanley Gas, Condensate Project in PNG
Horizon Oil Limited reported Monday that the Hon. Nixon P. Duban, PNG's Minister for Petroleum and Energy has formally notified the Company of the decision of the Papua New Guinea (PNG) National Executive Council (NEC) to approve the Stanley gas condensate development project (Stanley Project), in Western Province in PNG.
In association with its approval of the Stanley Project, the NEC:
- has authorized Minister Duban to sign the Gas Agreement with Horizon Oil's subsidiary company, Horizon Oil (Papua) Limited and its fellow licensees*, on behalf of PNG. The Gas Agreement prescribes key rights and obligations of the State and licensees in respect of the Stanley Project, including the project fiscal terms and commitments to local content
- has approved the benefit sharing arrangements amongst project area landowners and authorized the commencement by the Minister of the development forum required under the PNG Oil and Gas Act (the Act)
Horizon Oil further advises the licensees have received notification of the Minister's intention to grant a petroleum development license (PDL 10) and pipeline license (PL 10) in respect of the Stanley Project and, in accordance with the Act, Horizon Oil and its fellow licensees have requested the Minister grant such licenses.
The Minister has requested the licensees attend a formal ceremony for signing of the Stanley Gas Agreement April 17. Under the terms of the Gas Agreement, the Minister will grant Horizon Oil and its fellow licensees Stanley PDL 10 and PL 10 within two weeks of its execution. Grant of PDL 10 is the final step to completion of Horizon Oil's sale of 40 percent of its PNG asset to Osaka Gas and will trigger transfer to Horizon Oil of the balance of the sale proceeds plus adjustments of approximately $77 million in total.
*Wholly owned subsidiaries of Talisman Energy, Mitsubishi Corporation and Osaka Gas
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 8 Offshore Rigs
- Strong Upstream Performance from European Majors (Jul 28)
- PETRONAS, PetroVietnam Extend PM3CAA PSC in Malaysia-Vietnam Waters to 2027 (May 10)
- Repsol Significantly Scales Back Upstream Investment (Oct 15)
Company: Mitsubishi more info
- Mitsubishi Heavy Bets on New US Turbomachinery Demand (Feb 17)
- Shell-Led Group Delays Decision On Canada Gas Export Plan (Jul 12)
- Japanese Banks Expand To Ranks of World's Biggest Energy Lenders (Jun 09)
Company: Horizon Oil more info
- Drilling Commences at WZ 12-8W-A6P1 Appraisal Well in China's Beibu Gulf (Nov 17)
- Ensco 107 Prepares to Demobilize from Maari Field Offshore New Zealand (Jul 07)
- OMV Successfully Completes Maari Redevelopment Project Off New Zealand (Jul 02)
Company: Osaka Gas more info
- Japan's Osaka Gas Plans Resales Of 3 Million Tonnes Of LNG By 2020 (Nov 01)
- Indonesia's Small-Scale LNG Plans Face Several Challenges (Apr 15)
- Chevron Sees Australia's Gorgon Project Train 1 Restarting in 30-60 Days (Apr 06)