The PNG LNG Project attracted much of the hype in the business world for most of this year and it could continue into the new year as Interoil cooks up another $US 7 billion two train project with the intention to commercialise their gas find at Elk and Antelope.
Canadian Talisman Energy is also proposing commercialising gas they intend to find in the foreland of the Papua Basin.
With three different LNG projects in the pipeline, PNG is poised to become the second largest LNG producer in the Asia-Pacific region after Australia. PNG may produce up to 15 million metric tonnes of the fuel, almost enough to supply Taiwan and India based on 2008 demand.
Petroleum and Energy Minister, William Duma, has said that PNG needs all three projects (Exxon, InterOil, Talisman) to run side by side but to ensure all processes and regulations are followed properly.
We must all be proud that the country will now join the exclusive club of LNG exporting countries of the world Mr Duma said.
New Guinea Energy searches for oil prospects
Papua New Guinea focused oil and gas explorer NGE has kicked off a joint seismic program with Talisman Niugini in relation to the companys wholly owned prospecting licence (PPL)266.
Article basically goes on to describe the proposed program ending in 1st quarter 2010. A good bit of press for NGE in the PNG local paper over here. Thought you guys may be interested. Am watching this play keenly and looking to enter once I free up some coin. The Energy Minister seems to think Talisman are the next big player in LNG, not that that means anything.
NGE Price at posting:
15.0¢ Sentiment: LT Buy Disclosure: Not Held
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