UPDATE 1-Papua New Guinea paves way for long-awaited Exxon, Total LNG expansion [Reuters]
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Source: Reuters
Papua New Guinea paves way for long-awaited Exxon, Total LNG expansion | Reuters 4 Min Read PORT MORESBY/MELBOURNE (Reuters) - A long-awaited project led by France’s Total SA that will help double liquefied natural gas (LNG) exports from Papua New Guinea has come another step closer, with the government agreeing to set financial terms early next year. The LNG expansion, which analysts estimate will cost $13 billion, is crucial to the Pacific island nation’s economy as LNG is its biggest export earner, while demand for the fuel is surging in international energy markets. Prime Minister Peter O’Neill said in the country’s capital of Port Moresby on Friday that “physical terms” had been agreed. He said negotiations over how revenue would be shared in the community and provincial governments required more work. “I’d say we are almost 50 to 60 percent through already about our understanding of revenue sharing,” O’Neill said, in response to questions from Reuters. Disagreements over land-ow
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