Repsol Sells PNG Assets

Spain's Repsol June 11 said it has agreed to sell its shares in Papua New Guinea assets to China’s Balang International. The transaction is expected to be complete by 4Q2018.

The sale includes approximately 40% interest in the Elevala / Ketu and Stanley fields, which are the foundation fields for the standalone gas aggregation project, Western LNG.

Balang is a part of the China Changcheng Natural Gas Power which has investments in the natural gas and power sectors in the Asia Pacific region, including China. The business will continue to be operated by Repsol until the completion of the transaction.

“Balang is committed to develop the discovered resources in these assets, with the potential for PNG’s next liquefied natural gas (LNG) project to be a reality in the very near future. This deal is great news for PNG, and for the people of the Western province in particular,” Dai Ying Xiang, chairman Balang, commented.