+1-888-308-5802     
News Contact Us

O&G corporation PetroChina inks three-year contract with PNG LNG

Author : Saipriya Iyer | Published Date : 2018-07-21 

Oil and gas industry magnates Santos and Oil Search have reportedly announced that PNG LNG, has obtained a 3-year contract with the Hong Kong based PetroChina to supply the latter with LNG (liquified natural gas). Incidentally, PNG LNG is operated by the multinational oil and gas corporation ExxonMobil.

As per sources, about 0.45 million tons of LNG per year will be supplied to the Chinese company. The LNG will be shipped from the ExxonMobil’s Papua New Guinea operation plant for about 1.35 million Mt overall.

Peter Botten, Oil Search's Managing Director expressed his delight in having entered a sale and purchase agreement with PetroChina, a company that has been a diligent purchaser of PNG LNG’s spot cargoes. He further added that the first sale according to the new deal is anticipated to take place in the coming week.

According to the two companies, the agreement brings the PNG LNG total contracted values to 7 million Mt per year, 6.6 million Mt of which is already pledged under long-haul agreements to Osaka Gas, Sinopec, CPC, and JERA.

Santos stated that ExxonMobil as a representative of the partners in PNG LNG is in talks with several other entities for probable mid-term supply deals of LNG instead of spot transactions as well. Elaborating further, he said that these deals are anticipated to be finalized in short term and boost sales under the latest mid-term deals to about 1.3 million Mt per year.

The LNG plant has a nominal capacity of about 6.8 million Mt per year, a number above which it persistently known to operate.

Oil Search stated earlier that ever since completely arriving back online in April and post suffering an earthquake which forced a break in operations earlier in the year, PNG LNG witnessed an 8.5 million Mt per year production rate in May and June. A number that apparently exceeds the total production of about 8.3 million Mt for the calendar year of 2017, as per sources.

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- saip[email protected] | https://twitter.com/saipriya_i

Related News

Toast valued at $2-7 billion after $250 million funding round

Published Date: 2019-04-03         Author: Saipriya Iyer

Barash claimed that the company is planning to use some of the latest funding round cash for expanding the team as well as for R&D. Toast, the Boston-based restaurant software company, recently reported that in a Series E funding round it has raised $250 million. The round was led by TCV and ... Read More

Post Magento acquisition, Adobe launches its new Commerce Cloud

Published Date: 2019-03-27         Author: Saipriya Iyer

Adobe, the American multinational software company recently launched a Commerce Cloud, its newest addition to the Experience Cloud. The new commerce cloud comes as a development on the company’s acquisition of Magento in May 2018 for $1.68 billion. This commerce cloud is basically a version of... Read More

IBM's X-Force Red team unveils blockchain security testing service

Published Date: 2019-03-08         Author: Saipriya Iyer

U.S. multinational conglomerate, IBM Corp. has recently launched an operational version of its in-house security testing tool for blockchain solutions dubbed X-Force Red. Sources close to the launch state that X-Force Red Blockchain Testing service is designed to test the security of back-end proces... Read More

© 2019 Fractovia. All Rights Reserved