Timing of Santos, Exxon's P'nyang Agreement With PNG Surprises Citi -- Market Talk

Dow Jones04-18

0059 GMT - In Santos's 1Q report, Citi's eye was drawn to Papua New Guinea signing a fiscal stability agreement for the P'nyang natural-gas development. The agreement with Exxon Mobil--operator of P'nyang--and partners Santos and JX Nippon was inked a month ago. Citi analyst James Byrne said Exxon typically demands such agreements from governments so it can confidently allocate capital. "The timing is peculiar, which is to say it's earlier than we thought," Citi says. It thinks the Hides gas field's "decline is faster than the equity market appreciates and this will pull forward capex to maintain higher rates through the LNG facility." P'nyang is estimated to deliver 4.5 trillion cubic feet of natural gas to the active PNG LNG export facility, with a final investment decision targeted in 2029. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 17, 2024 20:59 ET (00:59 GMT)

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It thinks the Hides gas field's \"decline is faster than the equity market appreciates and this will pull forward capex to maintain higher rates through the LNG facility.\" P'nyang is estimated to deliver 4.5 trillion cubic feet of natural gas to the active PNG LNG export facility, with a final investment decision targeted in 2029. 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