Papua New Guinea flags talks stall with Exxon on $13 billion gas expansion
MELBOURNE - Papua New Guinea’s petroleum minister flagged on Friday that talks with Exxon Mobil Corp tied to a $13 billion gas expansion had reached an impasse as the U.S. oil giant was unwilling to negotiate on the country’s terms.
The state’s negotiating team had set out draft terms for negotiations on developing the P’nyang gas field, which Petroleum Minister Kerenga Kua said were in line with international standards and would ensure a “fair deal” for PNG. “It is disappointing Exxon has refused to even consider these terms and we urge them to reconsider their position,” Kua said in a statement emailed to Reuters.The P’nyang agreement is one of two agreements needed for Exxon and its partners Total SA, Oil Search and Santos Ltd to go ahead with a $13 billion plan to double LNG exports from PNG.Reporting by Sonali Paul; Editing by Himani Sarkar
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