Eaglewood Energy has been offered a Strategic Processing Facility License (APPFL 3) and Strategic Pipeline License (APL 9) in the Western Province of Papua New Guinea. Final grant of the licenses is subject to a number of condition precedents, the most significant of which is the establishment of a Project Agreement between Eaglewood and Papua New Guinea.
The licenses will grant Eaglewood the right to construct and operate a strategic gas condensate processing facility close to the Ubuntu Discovery Petroleum Retention License (PRL 28 - Eaglewood, Talisman Energy, Mitsubishi, MFI) and Elevala, Tingu and Ketu discoveries (PRL 21 - Horizon Oil, Talisman Energy, Mitsubishi, Kina Petroleum), and a strategic pipeline to deliver the condensate from these fields to a location on the Fly River, from where it will be shipped to market.
Eaglewood has a participation agreement in place with Trafigura, whereby the two companies are working together with a view to jointly financing and owning the pipeline and processing facility. Other investors, including Papua New Guinea, landowner companies, local participating upstream companies, infrastructure funds, etc., will also have an opportunity to participate in the ownership of this infrastructure.
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