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Papua New Guinea and Total LNG deal under review by government

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LNG Industry,

According to Reuters, Papua New Guinea’s Petroleum Minister, Kerenga Kua, has stated that a gas deal with Total SA could be renegotiated if a government review concludes that the terms are unfavourable.

Reuters reports that the deal for Papua LNG was initially agreed in April, but subsequently put forward for review after the Prime Minister who signed it was replaced following a parliamentary vote the next month. According to Reuters, this followed a crisis caused by dissatisfaction over the distribution of resource riches.

Kerenga Kua was appointed to the portfolio in June by the new Prime Minister, and said that he wanted to increase the government’s share of resource revenue.

According to Reuters, the review is set to last a few more weeks. In this time, it will consider whether or not the deal complies with national laws, and whether or not its terms are deemed acceptable. Simultaneously, Reuters reports that the government is preparing reforms of its resources legislation.

In response to this latest development, Patrick Pouyanne, Total’s chief executive, urged the country’s government to respect to agreement.

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