A logo is pictured at French oil and gas company Total gas station in Marseille, February 11, 2015. REUTERS/Jean-Paul Pelissier
Oil Search said in a statement that the agreement would allow the parties to start activities related to so-called Front End Engineering and Design such as contractor selection for Papua LNG - a project led by Total, with Exxon and Oil Search as minority partners. Oil Search had initially hoped the project, to fuel an expansion of Exxon Mobil’s PNG LNG plant, would be approved in 2018, but talks with the government took longer than expected after an earthquake hit the country.
Exxon Mobil is also looking to sign-off on the development of a third new train to be supplied from its existing PNG LNG fields and the new P’nyang field.