Petromin inks deal on LNG devt tech

PETROMIN PNG Holdings Ltd entered into a co-operative development agreement (CDA) yesterday with two international partners.This agreement is to investigate the prospects of introducing liquefied natural gas (LNG) floating production storage and offloading (FPSO) technology to PNG.The partners are DSME E&R (ENR), a subsidiary of Daewoo Shipbuilding and Marine Engineering (DSME) of South Korea, and Höegh LNG of Norway (HLNG).Both companies have worked on the shipping and processing components of the LNG FPSO technology respectively, and the technology is ready for immediate implementation.In a joint statement, Petromin managing director Joshua Kalinoe, DSME E&R chief executive officer Jin Seok Kim, and Höegh LNG board director Andrew Jamieson, said the CDA provided for a tripartite partnership among the companies to carry out a joint study to determine the technical and economic viability of developing the gas reserves of Papua New Guinea using LNG FPSO technology.“We have agreed to work together by entering into a co-operative development agreement signed today, to introduce the technology to Papua New Guinea.”