Repsol has agreed to sell its shares in the Repsol entities holding its Papua New Guinea assets to Balang International Pte. Ltd (Balang), subject to customary conditions precedent for a transaction of this nature. Provided that such conditions are satisfied or waived, completion is expected by Q4 this year.

Balang is a part of the China Changcheng Natural Gas Power Co. Ltd Group which has investments in the natural gas and power sectors in the Asia Pacific Region, including in the People’s Republic of China.

The business will continue to be operated by Repsol until the completion of the transaction, prioritizing the well-being of staff and safe and reliable operations.

Dai Ying Xiang, Chairman of Balang, commented: 
“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.”