The government of Papua New Guinea has approved Horizon Oil’s Stanley gas condensate development project.
Petroleum and Energy Minister Nixon Duban intends to grant a petroleum development licence and pipeline licence for the project and will sign a gas agreement with Horizon Oil covering the project’s fiscal terms and commitments to local content.
Granting of the development licence is the final step in completing Horizon Oil’s sale of 40 per cent of its PNG asset to Osaka Gas. This will trigger the transfer of the balance of the sale proceeds plus adjustments of approximately $US77 million in total to Horizon Oil.
The nation has also approved benefit sharing arrangements among project area landowners.
PORT MORESBY, (THE AUSTRALIAN)
