Petromin PNG Holdings Limited, today entered into a Cooperative Development Agreement (CDA) with two international partners. The partners are DSME E&R of South Korea and Höegh LNG of Norway
(Thomson Reuters ONE) -
Port Moresby, 13(th) July, 2010
Papua New Guinea's national oil, gas and minerals company, Petromin PNG Holdings
Limited, today entered into a Cooperative Development Agreement (CDA) with two
international partners to investigate the prospects of introducing LNG Floating
Production Storage and Offloading (FPSO) technology to Papua New Guinea.
The partners are DSME E&R (ENR) a subsidiary of Daewoo Shipbuilding and Marine
Engineering (DSME) of South Korea, and Höegh LNG of Norway (HLNG). Both
companies have worked on the shipping and processing components of the LNG FPSO
technology respectively, and the technology is ready for immediate
implementation.
In a joint statement the Managing Director of Petromin Mr Joshua Kalinoe, the
Chief Executive Officer of DSME E&R Mr. Jin Seok Kim, and Board Director of
Höegh LNG Mr. Andrew Jamieson, said the CDA provides for a tripartite
partnership among the companies to carry out a joint study to determine the
technical and economic viability of developing the gas reserves of Papua New
Guinea using LNG FPSO technology.
"We have agreed to work together by entering into a Cooperative Development
Agreement signed today, to introduce the technology to Papua New Guinea. We have
commenced an economic and technical feasibility study in order to provide a
competitive option to any gas owners in the Gulf of Papua, including the
ELK/Antelope LNG project," they said.
HLNG and DSME have over several years developed LNG FPSO technology. The vessel
and the processing systems will be constructed at the DSME ship yard in South
Korea; first cargo is anticipated for mid to late 2014 if a final investment
decision is made by 31(st) December 2010. The processing facility, which would
be capable of producing up to three (3) million tons of LNG annually, will be
located in Gulf of Papua in the Gulf Province. During infrastructure
construction, significant employment opportunities will be created: the
operation phase will employ about three hundred people. The parties will jointly
operate the LNG FPSO facilities under the leadership of HLNG and ENR, where
Papua New Guineans will be trained to operate the systems and processes of both
the ship and the processing facilities.
....................................
Joshua R. Kalinoe, CSM, CBE
Petromin PNG Holdings Ltd.
.............................
Jin Seok Kim
DSME E&R Ltd.
...............................
Andrew Jamieson
Höegh LNG Limited
Contacts:
Höegh LNG
Geirmund Aasbø, Vice President, Project Execution and Media Relations +47
4003 9685
[HUG#1431547]
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Source: Leif Höegh & Co. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 14.07.2010 - 11:10 Uhr
Sprache: Deutsch
News-ID 23883
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