Firm keen on investing

Business, Normal
Source:

The National, Wednesday October 21st, 2015

 By ERIC BALARIA

GLOBAL Spanish energy firm Repsol says Papua New Guinea is one of its key growth areas in the oil and gas sector.

Talisman Energy vice-president Grant Christie said Papua New Guinea offered significant opportunities.

He said this was part of Repsol’s five-year strategic programme in the development of its resources and growing of its portfolio. Talisman Energy became a member of the Repsol Group following its acquisition by the Spanish firm this year. 

It saw the purchase of Talisman’s assets in the country.

Christie said the purchase of Talisman by Repsol was based on the company’s portfolio in Asia and an interest in the country. 

“We met with Prime Minister Peter O’Neil and Minister (Nixon) Duban and the clear message was that we like Papua New Guinea and we are committed to continuing here,” he said. 

“Having just revalued our five-year strategic plan, Papua New Guinea was part of our next five-year programme with Repsol.

“As far as what happens in the market place, Repsol is committed to PNG.”

He said with that strong commitment, it allowed the firm to do a few things in the country.  

“The big changeover in 2015, with the Repsol acquisition, is looking more into commercialising and bringing projects to bear and ideally find ways to bring projects on stream in Western province.”

Christie said the focus for the next 12 months was the Stanley gas project in Western with joint venture partner Horizon Oil.