The National – Wednesday, June 15, 2011
PAPUA New Guinea’s national oil, gas and minerals company, Petromin PNG Holdings Ltd, announced yesterday that it had signed a memorandum of understanding (MoU) with Shell Exploration Company to jointly pursue upstream opportunities in PNG.
The MoU sets out the key principles to be captured in a detailed alliance agreement still to be finalised.
The MoU included undertaking a joint hydrocarbon study to identify potential future cooperation opportunities.
Petromin chief executive officer Joshua Kalinoe said: “We are very pleased to have teamed up with an industry leader such as Shell to pursue mutual benefits in the oil and gas sector.
“We are sure that this will be the start of a long and prosperous alliance with Shell.
“Petromin continues to look at meaningful partnerships that will unlock the energy needs of the future and build a thriving oil and gas sector in PNG while developing local capabilities,” he added.