India's largest liquefied natural gas importer, Petronet LNG, is likely to be the first confirmed buyer for Papua New Guinea's first LNG project.
The Post-Courier has been reliably informed that a formal Government announcement is expected soon following agreement last month between Petronet LNG and the joint venture partners of the ExxonMobil-led PNG LNG project.
It reports major partner Oil Search Limited had first reported in its first quarterly results that "considerable progress" was made by the project participants on marketing during the quarter.
This culminated in April in the PNG LNG Project reaching agreement on key terms for a Heads of Agreement with a major Asian customer for off-take of two million tonnes per annum of LNG.
The agreement is awaiting final Government approval.