Papua New Guinea energy company Petromin has signed a joint oil and gas exploration deal with energy giant, Royal Dutch Shell.
Under the agreement, Shell will finance all joint exploration and development of new oil and gas projects, as well as other projects that Petromin already has.
Shell’s Executive Vice President Commercial and New Business Guy Outen says Shell is happy to invest in PNG’s hydrocarbon and petrochemical industry.
”We have been interested in pursuing upstream projects in PNG for some time,” he said.
PNG’s Petroleum and Energy Minister William Duma has welcomed Shell’s trust and confidence in Petromin.
He says the government will support both companies.
”As long as I am minister I will do whatever it takes as a politician to make both Shell and Petromin realise their dreams,” he said.
Under the agreement, Shell will fully finance a joint technical study on potential exploration sites for new oil, gas and minerals. The study should be completed next year.
