ExxonMobil subsidiary Esso PNG P’nyang Limited, Ampolex Limited and the Independent State of Papua New Guinea have signed the P’nyang project gas agreement for the proposed development of the P’nyang LNG project.
Subject to a final investment decision by the P’nyang project co-venturers, the ExxonMobil-operated P’nyang project would deliver LNG by constructing new upstream facilities in Western Province linked to existing infrastructure. The agreement provides the fiscal framework for the project and supports project scoping and evaluation. The P’nyang field is estimated to have 4.36 trillion cubic feet of gas.
The P’nyang field is located within Petroleum Retention License 3, which covers 105,000 acres. Esso PNG P’nyang Limited, a subsidiary of Exxon Mobil Corporation, operates the license and, together with Ampolex (Papua New Guinea) Limited, has a 49 percent interest. Affiliates of Santos and JX Nippon have a 38.5 percent interest and 12.5 percent in