News Release

2022

P'nyang Project Gas Agreement Execution

February 24,2022

P'nyang Project Gas Agreement Execution

JX Nippon Oil & Gas Exploration Corporation ("JX") (President and CEO, Hiroshi Hosoi) is pleased to announce that the Independent State of Papua New Guinea and the P'nyang co-venturers, including Merlin Petroleum Company (an affiliate of JX) (President and CEO, Takao Hashimoto), have executed the P'nyang Project Gas Agreement for the proposed development of the P'nyang LNG Project.

The P'nyang field, located within APDL13 (PRL3), is estimated to have 4.36 trillion cubic feet of natural gas. P'nyang Project would deliver LNG by leveraging existing infrastructure. P'nyang Gas Agreement executed between the Independent State of Papua New Guinea and the P'nyang co-ventures would set a firm framework in place to enable P'nyang Project's future development.


Merlin Petroleum Company holds a 12.50% interest, and affiliates of ExxonMobil and Santos have a 48.99% interest and a 38.51% interest, respectively.

JX has been producing oil, natural gas and LNG in Papua New Guinea since 1992 and committed to continuing its effort to expand its business in the country.