Exploration & Production
Stanley Condensate Project Approved for Horizon in PNG
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Horizon Oil has advised that the Hon. Nixon P. Duban, PNG's Minister for Petroleum and Energy has formally notified the Company of the decision of the PNG National Executive Council (NEC) to approve the Stanley gas condensate development project (Stanley Project), in Western Province.
In association with its approval of the Stanley Project, the NEC:
(a) has authorised Minister Duban to sign the Gas Agreement with Horizon Oil's subsidiary company, Horizon Oil (Papua) Limited and its fellow licensees1, on behalf of PNG. The Gas Agreement prescribes key rights and obligations of the State and licensees in respect of the Stanley Project, including the project fiscal terms and commitments to local content.
(b) has approved the benefit sharing arrangements amongst project area landowners and…
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