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28 November 2014
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Another LNG project in PNG

A recent presentation by Energy World Corporation revealed that Talisman Energy and its partners in Papua New Guinea’s Western Province might seek to develop at least a 2 million tonnes per annum modular LNG terminal on Parama Island southeast of the Fly River delta.

Diagram and map courtesy of EWC.
Parama LNG map courtesy of EWC

Talisman has long pursued a strategy of accumulating 2-4 trillion cubic feet of gas in the province for monetisation via LNG as part of a consortium.

It doesn’t get the same kind of media attention but this Talisman-led group is pursuing what is the third LNG project for PNG after ExxonMobil-led PNG LNG and InterOil-led Gulf LNG.

As part of this agenda Talisman farmed out various stakes of nine licences in this region to Mitsubishi, a significant downstream player, in February for $US280 million.

Unlike Talisman’s established condensate stripping project plans in the province with Horizon Oil, the path for commercialising the gas is yet to take a concrete form as more resources need to be defined.

Horizon has previously flagged that a floating LNG development could even be considered but a presentation by EWC executive director Brian Allen at the CLSA Investors Forum in Hong Kong this week indicates that modular LNG is a favoured option.

On one of the EWC-announced presentation slides which are all labelled “strictly confidential”, the Parama Island LNG project is targeting initial capacity of 2Mtpa with a flagged expansion to 5Mtpa.

EWC said this modular LNG terminal would be developed in conjunction with a deep water port and power station.

Talisman wasn’t mentioned but the map on this slide marks out a pipeline route which starts from the gas fields in licences held by Talisman, Horizon and other Western Province players.

Last month a Talisman spokesperson told PNGIndustryNews.net that Mitsubishi had become a full joint venture partner in eight of its licences so far.

“We are working together on a three year forward exploration program and considering monetization options including tie-in to a third party facility or construction of an LNG export facility in the PNG Foreland,” he said.

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