An international court overnight dismissed the claims of Papua New Guinea company Oil Search that it retained ownership of 40 per cent of the Elk-Antelope gas field in the nation’s Gulf Province.
While that initially sounds like bad news, it most certainly isn’t for PNG.
The result paves the way for a second ‘super major’, the French-owned Total SA, one of the world’s largest oil companies, to take a major role in PNG’s second liquefied natural gas project.
Andrew Wilkins is the publishing director of Business Advantage PNG.
He says this paves the way for another US$20 billion windfall for Papua New Guinea that could begin within months.
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