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 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.