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Petronet hunts upstream stake in PNG

By Upstream staff


India’s biggest liquefied natural gas importer Petronet LNG is reportedly set to enter the oil and gas exploration scene in Papua New Guinea as well as considering its own LNG export terminal in the country.

Petronet is in talks with three different operators in Papua New Guinea for five explored blocks that hold gas resources, India’s Hindu Business line quoted official sources saying yesterday. The blocks are spread over three different basins in Papua New Guinea.

While the names of the operators were not disclosed, sources said the international companies are from the US, Australia and Canada.

Negotiations reportedly involve farm-in opportunities with the foreign stakeholders for equity in the projects.

Petronet has completed analysis of seismic data of the assets, the sources said.

Apart from the upstream opportunities, Petronet is investigating setting up a 5 million tonne per annum LNG export terminal in Papua New Guinea, with the intention of shipping gas to India.

This development would be in addition to the current 3.5 mtpa of LNG that the Indian company is looking to source from Papau New Guinea.

Petronet is a joint venture owned by India’s Gail, Oil & Natural Gas Corporation (ONGC) and Bharat Petroleum each on 12.5% interest, while Gaz de France holds a 10% stake, the Asian Development Bank has a 5.2% interest, with financial institutions and the general public having the remaining 32.8%.


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