Oil Search & Santos’ PNG LNG project to supply LNG to PetroChina

Company News

by Jessica Amir

Oil Search (ASX:OSH) advised that its 29 per cent owned PNG LNG Project, signed a sale and purchase agreement with Hong Kong’s PetroChina International.

The deal will see the PNG LNG supply LNG from July 2018. 

It involves supplying 0.45 million tonnes of liquifed natural gas (LNG) per year, over a three-year term.

On behalf of the project, ExxonMobil is negotiating with a number of other parties for potentially more LNG supply agreements.

Santos (ASX:STO) also advised the market of the same agreement, as they have a 13.5 per cent stake in the project.

Oil Search (ASX:OSH) share are trading 1.69 per cent higher at $8.71, while Santos (ASX:STO) trades 1.65 per cent higher to $6.16.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.