Wood has secured a five-year, $200 million construction services contract from ExxonMobil PNG to support brownfield projects across the PNG LNG project in Papua New Guinea. The contract covers work across the Hides Gas Conditioning Plant, the LNG plant at Caution Bay, approximately 700 km of pipeline infrastructure and associated well pads and flowlines. More […]
Australia’s Santos Ltd. has entered into a binding agreement to sell a 2.6 percent participating interest in PNG LNG to Papua New Guinea’s Kumul Petroleum Holdings Ltd. for $576 million in cash and the assumption of approximately $160 million of project finance debt, the two companies said.
Papua New Guinea’s Kumul Petroleum still has its sights on acquiring further equity in the ExxonMobil-operated PNG LNG project from largest shareholder Santos, again extending the deadline to complete the $1.4 billion deal as it has yet to secure the necessary financing.