Mon, Jul. 28, 8:27 AM
- Exxon Mobil (NYSE:XOM) says its $19B PNG LNG project in Papua New Guinea is producing at full capacity after shipments started ahead of schedule in May.
- The first stage has a capacity of 6.9M metric tons/year of liquefied natural gas: XOM and partners including Oil Search (OTCPK:OISHF) and Santos (OTCPK:STOSF) are considering an expansion of the development.
- The project is set to start loading its 15th LNG cargo, XOM says.
Mon, Jul. 14, 11:58 AM
- Oil Search (OTCMKTS:OISHF), Exxon Mobil's (XOM +1.1%) biggest partner in its natural gas project in Papua New Guinea, says it believes enough new gas will be found in the country to justify a significant expansion of its processing facilities there.
- Sufficient natural gas probably exists in PNG's highlands, including at a field called Hides, to warrant adding at least one train to its existing facility, Oil Search CEO Peter Botten says.
- The Papua New Guinea development is a key part of XOM's efforts to expand oil and gas production, whcih has fallen each year since 2010.
Wed, Jun. 4, 3:56 PM
- InterOil (IOC +1.3%), Total’s (TOT) partner in a natural gas project in Papua New Guinea, has been approached by companies interested in acquiring a stake in four exploration licenses covering ~4M acres surrounding the Elk and Antelope fields, CEO Michael Hession tells Bloomberg.
- IOC and TOT want to use supplies from Elk and Antelope to develop the country's second liquefied natural gas development; Exxon's $19B PNG LNG project started shipments last month, and seven more gas export plants are being built in neighboring Australia to tap Asian energy demand.
- Hession also believes IOC will resolve a dispute with Oil Search (OISHF), which agreed earlier this year to acquire part of the Elk-Antelope venture; Oil Search has said IOC’s deal with TOT breached its pre-emptive rights.
Wed, May. 14, 11:59 AM
- Oil Search (OISHF), Exxon Mobil's (XOM) partner in the $19B PNG liquefied natural gas export project in Papua New Guinea, expects shipments to Asia to start shortly with the initial cargoes sold on the spot market.
- The process to load the first LNG tanker has begun, with a decision on when the ship will leave to be made over the next few days, according to an Oil Search exec.
- The first series of LNG cargoes from the project will be sold at spot prices, with the development progressively moving into contract deliveries.
Fri, Mar. 28, 12:44 PM
- Oil Search (OISHF) is contesting Total’s (TOT) agreement earlier this week to acquire a 40% stake in InterOil’s (IOC) natural gas discoveries in Papua New Guinea, a dispute which could require international arbitration to be resolved.
- The dispute surrounds stakes in the Elk and Antelope fields, coveted because the gas could be used either for a possible expansion of a $19B liquefied natural gas project that ExxonMobil (XOM) is building with Oil Search, or for a rival project.
- Analysts say the outcome of the dispute is unclear, but some speculate Oil Search's aim may be to keep the door open to XOM to enter the Elk-Antelope joint venture.
- Meanwhile, IOC has spudded its third well in as many weeks in Papua New Guinea with up to five more planned over the next year or so.
Wed, Mar. 26, 4:02 AM
- Total (TOT) has agreed to acquire a 40.1% holding in the Elk-Antelope gas field in Papua New Guinea (PNG) from InterOil (IOC) for $1.62-3.5B, depending on how much gas is found.
- Total was originally going to buy 61.3%, but the amount was reduced after Oil Search (OISHF, OISHY) purchased a 22.8% interest in the reserves earlier this month. InterOil will retain 35.5%
- Total will pay $401M up front and the rest in later installments based on certain factors. (PR)
Thu, Feb. 27, 8:55 AM
- Oil Search (OISHF, OISHY) says it will sell A$1.2B (US$1.09B) in shares to fund a purchase of stakes in two large natural gas discoveries in Papua New Guinea.
- Oil Search says it will use the funds to buy a 22.8% stake in a license that includes the Elk and Antelope gas fields from closely held Pac LNG Group for US$900M; the fields are being developed by Total (TOT) and InterOil (IOC).
- Oil Search will issue 149.4M new shares at A$8.20 each to the government of Papua New Guinea to fund its entry into the Elk and Antelope developments.
- The deal brings Oil Search inside both major energy joint ventures in the country, led by Exxon Mobil's (XOM) $19B PNG LNG project, where Oil Search owns a 29% stake.
Thu, Feb. 6, 12:37 PM
- InterOil (IOC +3.4%) moves higher on a report suggesting that Woodside Petroleum (WOPEF, WOPEY) may enter into IOC's Papua New Guinea gas projects.
- In related news, Reuters reports the country has decided to raise A$1.68B to pay off a bond it issued to Abu Dhabi in 2009 instead of giving up a strategic stake in oil and gas producer Oil Search (OISHF, OISHY).
- Royal Dutch Shell (RDS.A, RDS.B), Total (TOT) and Woodside are said to be eyeing a possible stake in Oil Search, which owns a 29% stake in the $19B PNG liquefied natural gas project.
Fri, Jan. 24, 10:57 AM
- Anyone expecting Oil Search (OISHF) to conclude a deal soon with Total (TOT -2.1%) and InterOil (IOC -1.3%) to join their Papua New Guinea gas project may be thinking wishfully, according to a WSJ report.
- OISHF likely will need to issue new shares to fund a deal, but that isn’t easy to do right now, as any capital raise likely would happen at a discount to the prevailing stock price; but it's the potential blow it would inflict on the government in Papua New Guinea that is more likely to stay Oil Search CEO Peter Botten’s hand for a while, David Winning writes.
- Another take is that TOT will want to appraise the gas reserves at the Elk and Antelope fields further before rushing to bring in a new partner; if TOT finds there is enough gas to support a new export project, then it makes partnering with OIS less attractive.
Jun. 5, 2013, 4:54 PMExxon's (XOM) move to invest in InterOil's (IOC) natural gas assets in Papua New Guinea has sparked concerns Oil Search (OISHF.PK) and Santos (STOSF.PK) will be left behind, but Macquarie’s Adrian Wood says the Australian partners shouldn't worry. He thinks they'll benefit from XOM’s PNG LNG gas export project regardless of whose gas is fed through it. | 2 Comments
May. 23, 2013, 10:43 AMThe fastest revenue growth in the oil industry is putting Papua New Guinea’s Oil Search (OISHF.PK) in line for Asia's largest-ever energy takeover, Bloomberg speculates. Its $19B PNG LNG venture with Exxon, sure to spin off lots of cash, starts shipments to Asia next year, and the 80%-complete project is supported by the government and local communities. XOM, TOT and Australia's Woodside could be interested. | Comment!
OISHF vs. ETF Alternatives
Other News & PR