|Bid||6.58 x 0|
|Ask||6.07 x 0|
|Day's Range||6.52 - 6.63|
|52 Week Range||6.30 - 9.23|
|Beta (3Y Monthly)||1.58|
|PE Ratio (TTM)||23.75|
|Forward Dividend & Yield||0.19 (2.98%)|
|1y Target Est||N/A|
Building up an investment case requires looking at a stock holistically. Today I've chosen to put the spotlight on Oil...
(Bloomberg) -- The Total SA-led liquefied natural gas joint venture in Papua New Guinea is seeking to finish a new round of negotiations with the government by the end of August, while insisting that the original agreement signed with the state in April is fair and equitable to both sides.Oil Search Ltd., a junior partner in the Papua LNG project, said Tuesday it was important for the discussions to be concluded before the expiration of contract bids for front-end engineering. The validity of those bids “can be pushed out a little” but are set to expire in early September, Managing Director Peter Botten said on a conference call.The project has been in limbo since a new government, led by Prime Minister James Marape, swept to power in May pledging to get better resource deals for the country, including a $13 billion plan to expand LNG exports. Total last week rejected a request to renegotiate the Papua LNG agreement, which was proposed during talks in Singapore, according to a person with knowledge of the discussion.The Papua joint venture is competing with a wave of LNG projects around the world which are hoping to come on stream in time to meet an expected supply deficit from the mid 2020s.How Exxon’s Big Gas Plan Stirred Up Papua New Guinea: QuickTake“Activity in the sector is building and under those circumstances if you’re delayed for any length of time you’re likely to see further inflation into the cost you might incur,” Botten said in an interview.Finalization of the Papua LNG deal is necessary before talks can resume on an agreement for the related Exxon Mobil Corp.-led P’nyang project, and only once that’s concluded can both expansion projects to progress to front-end engineering and design work, Oil Search said. Further meetings between the joint venture and government representative were planned for later in the week with both sides working toward finalizing the agreement, Botten said.“The Papua LNG joint venture believes the existing terms and agreement, which were entered into in good faith, are appropriate, fair and reasonable,” Botten said in a statement earlier Tuesday to accompany the group’s first-half results. Oil Search has seen its shares fall sharply on the risk of delays to its projects in PNG amid the political uncertainty.Papua New Guinea has had a strong record for project development in the resources sector, Botten said, but he also cautioned the government. “Reviewing things can be acceptable, but it also does send shivers down investors’ spines,” he said.(Updates with Oil Search comment in fifth paragraph.)To contact the reporter on this story: James Thornhill in Sydney at email@example.comTo contact the editors responsible for this story: Ramsey Al-Rikabi at firstname.lastname@example.org, Aaron ClarkFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Papua New Guinea has sent a team to Singapore to renegotiate its Papua LNG agreement with French oil major Total SA, the nation's petroleum minister said in a statement on Thursday, warning the talks could end "disastrously" for the gas project. The strong language from minister Kerenga Kua marked an about-turn from a statement 10 days earlier, when he announced the new government would stand by the gas deal agreed by the previous government with Total in April, with some minor changes.
(Bloomberg) -- Papua New Guinea’s petroleum minister said he’s completed his review of a recent natural gas agreement with Total SA and will recommend changes, creating a potential hurdle for the delayed $13 billion effort to double the nation’s exports of the fuel.The potential changes cover both regulatory and commercial terms of the so-called Papua LNG agreement and must be approved by the National Executive Council before submitting them to venture partners, which include Exxon Mobil Corp. and Oil Search Ltd., Kerenga Kua said in an interview Thursday.Kua said he’ll send his findings as soon as Monday to the council, a top policy making body, and expects a revised agreement with the companies completed within six weeks. In response, Total’s Chief Executive Officer Patrick Pouyanne pushed back against any potential overhaul.“All issues are capable of discussion and compromise,” Kua said. “Even though we may have our wish list and they may have their wish list, finding the middle ground where all of us can benefit is an important principle.”Oil Search shares added 0.6% to A$7.09 as of 10:43 a.m. in Sydney and are headed for a 6.3% rise this week. The Australia-based producer declined to comment. Exxon didn’t respond to requests for comment.“We are confident that it’s in the best interest of PNG to respect the agreement that has been signed in order to move forward with the project,” Pouyanne said on a conference call Thursday. “We expect the new government to respect” the deal signed by its predecessor, and Total has “many” LNG projects in its portfolio.Political Flash-PointSeparately, Newcrest Mining Ltd., Australia’s top gold producer, and Harmony Gold Mining Co. said they are facing a hurdle with the development of the $5.4 billion Wafi-Golpu gold-copper project in PNG amid heightened political uncertainty. The delay in permitting is associated in part with legal proceedings between national and provincial authorities and the PNG government continues to signal support for the project, Newcrest said in a statement Thursday.Liquefied natural gas exports have developed into a political flash-point for the country as its existing venture, the Exxon-led PNG LNG project, has been criticized as not benefiting the domestic economy as much as expected. The nation’s new prime minister, James Marape, swept to power in May amid a wave of criticism of the Papua LNG deal signed by his predecessor. He tasked Kua with reviewing the agreement after appointing him petroleum minister in June.“For too long we have allowed external forces to dictate the direction we take,” Marape said Thursday at the Lowy Institute in Sydney. The government must work with its partners “to ensure a fair and equitable distribution of our resources.”In the interview, Kua described the suggested changes as a “short list,” but declined to provide specifics. He said he’s been in communication with the partner companies.“We haven’t rejected the signed agreement,” he said.The review has delayed plans to double gas exports from Papua New Guinea, which involves a $13 billion expansion across separate but interlinked projects. Talks on the second gas agreement, for the Exxon-led P’nyang venture, won’t begin until the Papua LNG deal is revised, Kua said.Oil Search said last week that it expects front-end engineering and design work on new LNG production units to be pushed back pending those agreements. That may move a final investment decision until as late as 2021, which puts the expansion projects at risk of greater competition for building resources and customers, according to analysts at Sanford C. Bernstein.Marape said his government assembled a group of advisers to assess the country’s resource laws to find the right balance between encouraging foreign investment and boosting local involvement in the sector.(Updates with share price in 5th paragraph.)\--With assistance from James Thornhill, Francois de Beaupuy and Ranjeetha Pakiam.To contact the reporter on this story: Stephen Stapczynski in Singapore at email@example.comTo contact the editors responsible for this story: Ramsey Al-Rikabi at firstname.lastname@example.org, James Herron, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Papua New Guinea's petroleum minister said a gas deal it agreed with French oil major Total SA could be re-drawn if a government review finds its terms unfavourable. The deal, for a project called Papua LNG, was agreed in April but put up for review after the prime minister who signed it was ousted in a parliamentary vote in May, following a crisis caused by discontent over the distribution of resource riches. Petroleum Minister Kerenga Kua, who was appointed to the portfolio last month by new Prime Minister James Marape, said he wanted to increase the government's share of resource revenue.
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Construction delays and cost blowouts could hit the next wave of liquefied natural gas (LNG) projects as there are a limited number of contractors able to handle the huge projects, three developers said on Wednesday. Around $200 billion in projects across the globe from Australia to the United States are racing to be approved over the next two years, vying to provide around 65 million tonnes of new annual supplies that are needed by 2025, according to estimates by consultants Wood Mackenzie. "Unless you're in FEED in the next six to nine months, unless you're in FID in the next two years, there's going to be no one to build your project," Oil Search Executive General Manager Ian Munro told the conference.
It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...
Papua New Guinea Prime Minister James Marape installed a reformer as petroleum minister on Friday, handing him a mandate to overhaul the sector and warning investors to "pack up and leave" if they did not like it. Announcing his ministries in the capital of Port Moresby, Marape said Petroleum Minister Kerenga Kua - brought in from the opposition - shared his vision for raising more revenue from the resources sector.
SYDNEY/BRISBANE, May 30 (Reuters) - Papua New Guinea's new prime minister pledged on Thursday to "tweak and turn" laws governing how natural resources are extracted to help lift the vast South Pacific archipelago out of poverty. James Marape, a former finance minister who became leader after winning a vote in parliament, put some of the world's biggest resources companies on notice over a perceived lack of wealth flowing from their projects back to communities. Marape, who hails from PNG's poor but gas-rich highlands, had even quit the government in April after questioning a deal with France's Total, which allows it, Oil Search Ltd and ExxonMobil Corp to begin work on a $13 billion plan to double gas exports.
Voting in Papua New Guinea's parliament on Thursday showed former finance minister James Marape had enough support to replace Peter O'Neill as prime minister after weeks of political turmoil over the handling of a gas development deal. Speaker of Parliament Job Pomat was yet to tally the votes but lawmakers showed their allegiances by moving over to sit on Marape's side of the house. Marape quit as finance minister in April over a gas deal with France's Total SA he called too generous to the oil major.
Papua New Guinea's parliament is set to convene in Port Moresby on Thursday to elect a new prime minister after outgoing leader Peter O'Neill resigned following weeks of political turmoil sparked by natural resources deals. Four government and opposition sources say that the front-runner for the leadership is James Marape, who quit as finance minister in April over a gas deal with France's Total SA he called too generous to the oil major. It will not be clear whether he can carry the 111-seat house - or whether the turmoil will sink O'Neill's government - until parliament sits at 10 a.m. local time (midnight GMT Wednesday).
SYDNEY/MELBOURNE (Reuters) - Political turmoil in Papua New Guinea deepened on Monday as the opposition raised doubts about an offer from Prime Minister Peter O'Neill to resign and vowed a long fight to get rid of him as uncertainty knocked shares linked to its resources sector.
Opponents of Papua New Guinea (PNG) Prime Minister Peter O'Neill said on Friday they had mustered enough support in parliament to oust him over a range of grievances including a gas deal with France's Total , which critics have questioned. Political instability is something of a fixture in the resource-rich but poverty-stricken South Pacific nation and O'Neill, who has been leader since 2011, has seen off previous attempts to topple him. "It'll only be a formality," defecting Commerce Minister Wera Mori told Reuters, referring to what he said would be O'Neill's removal after parliament reconvenes on Tuesday.
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