Gas firms eye Western LNG reserves

Business, Normal

The National, Thursday 20th of February, 2014

TWO gas and oil companies have agreed to explore and develop oil and gas reserves in Western.
Horizon Oil Papua Ltd and Osaka Gas Co Ltd of Japan said they would expand their investment in the country after a dialogue with Prime Minister Peter O’Neill.
O’Neill met with Horizon Oil Ltd chief executive Brent Emmett and Osaka Gas senior executive officer Hidetaka Matsuzaka, along with his delegation in Parliament on Tuesday.
Osaka Gas is Japan’s second largest gas concern and a global leader in liquefied natural gas development, shipping and distribution.
“The government has embraced this joint venture between these two companies, given their requisite LNG experience, financial strength and market for the product to help implement PNG’s third LNG project,” O’Neill said.
He welcomed the proposal for the gas to be engaged in the domestic market.
 “This is good news as it will provide for our energy needs in the country,” the Prime Minister said.
O’Neill had acknowledged that the Osaka Gas would be a major buyer of gas from the PNG LNG project during its initial export this year.
 “Osaka Gas has already made a serious commitment to PNG and is expected to grow in the years to come,” he said.
O’Neill said the national government appreciated these foreign investments and extended invitations to other firms with growing investment interests to have confidence in his government.