Thursday, July 16th, 2020

India and Papua New Guinea Discuss opportunities for cooperation in Oil and Gas Sector

 Murtaza Kidwai.. New Deihi..India and Papua New Guinea have agreed to pursue various opportunities for cooperation in the hydrocarbon sector between the two countries. At a meeting between Mr. Samuel T. Abal, Minister of Foreign Affairs, Trade & Immigration, Papua New Guinea and the Minister of State for Petroleum & Natural Gas Shri Jitin Prasada  the two Ministers stressed that there are vast opportunities which the corporate entities of two countries could harness for mutual benefit. Shri Prasada stated that Indian Oil PSUs like ONGC, GAIL, Petronet LNG and the downstream companies like IOC are keen to participate in the development of the hydrocarbon industry of Papua New Guinea, along with entire hydrocarbon value chain. He said that Indian companies are interested in participating in the upstream sector to carry out exploration, develop fields, etc. The Minister added that our companies have been engaged in discussions with their counterparts and other operators in Papua New Guinea. Shri Prasada also said that India could render assistance in utilizing vast natural gas reserves of the country by setting up liquefaction facilities as well as its transportation and source the LNG to India. He added that the state-of-art training facilities with Indian Oil PSUs could be utilized for training hydrocarbon personnel of Papua New Guinea for indigenous capacity building. Papua New Guinea has vast reserves of natural gas (also copper, gold and nickel). The country’s natural gas reserves have been estimated at 15.6 TCF which can support approximately 15 MMTPA of LNG Project.

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