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January 19, 2021
News

Horizon Oil Ltd to develop Stanley Gas Project

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Horizon Oil Limited has been giventhe nod bythe Environment Minister John Pundari to developthe Stanley Gas Project inthe Western Province.

Mr. Pundari saidthe company has met section-58 ofthe Environment Act 2000 to protectthe environment.

The project will supply power through rural electrification schemes to about 50,000 people in Western Province includingthe Ok Tedi andthe Frlieda River mines.

Mr. Pundari said Horizon and its fellow licensees Talisman Energy and Diamond Gas Niugini have provern to be an environmental friendy investor.

He said his department will work closely withthe developer to ensure minimal environment damage underthe strict guidelines of its recently developed Beodiversity Offset Program.

Horizon Oil Ltd is a Sydney based company and production is expected this year.

Horizon has a 50% interest inthe PRL 4 license that contains Stanley field with equal partner Talisman Niugini Ltd.

State Petromin PNG Holdings Ltd is entitled to a 22.5% interest inthe project.

Just last week, Horizon Oil sold 40% of its assets to Japanese LNG importer Osaka Gas for Two-Hundred million US dollars.

The main aim ofthe new partnership is to build up a midscale LNG project onthe Western provincial coast.

The alliance aims to commercialise Horizon’s 125 million barrel of oil and contingent resource across its 7900 square kilometres of Western province licences.

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