JX Holdings To Sell PNG LNG Project Stake To Marubeni

Monday, November 14, 2011      
 
  • JX Nippon Oil & Gas Exploration would sell a small stake in an ExxonMobil-led liquefied natural gas project in Papua New Guinea to trading house Marubeni Corp.
  • The project, which is expected to produce 6.6 million tonnes per annum and come online in 2014, is a joint venture between ExxonMobil, Oil Search, Santos, JX Nippon Oil, and the Papua New Guinea government.

JX Nippon Oil & Gas Exploration Corp, a unit of Japan's JX Holdings, said on Monday it would sell a small stake in an ExxonMobil-led liquefied natural gas project in Papua New Guinea to trading house Marubeni Corp.

Japan is the world's largest LNG consumer, and its appetite for gas is rising as utilities burn it to compensate for the loss of nuclear power generation capacity after the March earthquake and tsunami shattered public trust in nuclear safety, preventing the restart of reactors shut for maintenance.

JX and Marubeni are set to sign a contract on the share transfer on Monday, an official at JX Nippon Oil said. The Nikkei business daily reported that Marubeni will pay around 23 billion yen for a 21 percent stake in Merlin Petroleum, but the official could not confirm that.

Merlin, owned about 99.3 percent owned by JX and the rest by Mitsubishi Corp, holds a 4.7 percent stake in the $15 billion Papua New Guinea LNG project.

Tokyo Electric Power will buy 1.8 million tonnes of LNG per year from the project for 20 years and Osaka Gas will buy 1.5 million tonnes, while China's Sinopec will buy 2 million tonnes per year.

The project, which is expected to produce 6.6 million tonnes per annum and come online in 2014, is a joint venture between ExxonMobil, Oil Search, Santos, JX Nippon Oil, and the Papua New Guinea government.


 

Join 80,000 oil and gas professionals who receive our weekly newsletter.

You may unsubscribe at any time with one click.

Article Tags

Marubeni Merlin Petroleum ExxonMobil Santos Oil Search Papua New Guinea Australasia LNG Nuclear


This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More


Related News


Upcoming OilVoice Training Course

Introduction to Oil and Gas Exploration and Production
This module is designed for people interested in the exploration and production of oil and gas who do not have a subsurface technical background. It provides an introduction to geology and geophysics for non-geoscientists, with an emphasis on the latest interpretation techniques, showing oilfield ex...
London - 18 Nov


Trainer
Helen Turnell

Cost
£500

Discount Code
OilVoice-10 for 10% off any course.View Course

All OilVoice Training Courses
Popular Headlines View all


Latest Opinion View all

Join 90,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Create profile

Time for a change? All jobs Jobs near you

Engineers & Scientists Munich and The Hague

Senior HSE Engineer United Arab Emirates

PMC HSE Manager United Arab Emirates

Offshore Safety Officer Abu Dhabi

Project Engineer United Arab Emirates

Site Supervisor - DR Congo Democratic Republic of the Congo

Field Operator - Saudi Arabia Saudi Arabia


OilVoice Training All upcoming


About

OilVoice, established in 2002, is your leading source of upstream news, jobs and industry information.


Newsletter

Each week we send our weekly industry round-up. Why not try it? You may unsubscribe at any time.

Contact OilVoice

Milton Keynes
United Kingdom
Phone: +44 207 993 5991
Contact Us


Stay Connected


2015 © OilVoice  .  Privacy Policy  .  Terms of Service  .  Oil Careers  .  Advertise with us