Prime Minister Peter O?Neill announced the date of the Papua LNG signing agreement yesterday at the PNG Petroleum and Energy Summit in Port Moresby.
The agreement for the US $13 billion project is due to be signed on 5 April ? just weeks away.
All negotiations between stakeholders were due to be completed by 31 March this year, however the new timeline of early April points towards activities moving in the right direction.
According to Prime Minister O?Neill, the agreement will focus on a domestic market obligation, reserving a portion of the gas for in-country use; provisions that would allow third parties to use the pipelines and a ?meaningful opportunity? for local content in the project.
Once Papua LNG, P?nyang and PNG LNG agreements are finalised and financing is secured, we can expect to see market activity ramping up as recruitment demand for FEED engineering professionals skyrockets.
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