ExxonMobil, France’s Total, and Australia’s Oil Search have signed a gas agreement with Papua New Guinea, outlining the fiscal terms for a new liquefied natural gas (LNG) project in the Pacific island, estimated to cost US$13 billion and thought to double Papua New Guinea’s LNG exports from the Exxon-operated PNG LNG plant. The gas agreement for Papua LNG allows the three partners to begin the Front-End Engineering Design (FEED) phase of study that will lead to the final investment decision (FID) on the project in 2020, Total said in a statement on Tuesday. The project of 5.4 million tons per annum (Mtpa) capacity will consist of two LNG trains of 2.7 Mtpa capacity each. Total will operate the gas production, while the LNG plant will be developed in synergy with Exxon-operated PNG LNG project through an expansion of the existing plant in Caution Bay, the French company said. “We […]