PNG LNG Project Earns K11B

By: PNG Business News December 08, 2021

Photo credit: Oil Search

According to ExxonMobil PNG Ltd, the PNG LNG project has earned K11 billion in revenue for the government thus far.

This was announced by managing director Peter Larden at the recent PNG Mining and Petroleum conference.

“Up to October this year, PNG LNG has generated K11 billion in revenue to the State and landowners, which obviously supports investments and services and infrastructure across the country,” Larden said.

“In addition, K15 billion in business opportunities (were) generated across the country from the project.”

Papua New Guineans made up more than 91 per cent of the company's workers, according to Larden.

He also revealed some of the firm's plans.

“In July this year, I announced the restart of Angore project which was suspended in 2020 because of the pandemic,” he said.

“Angore was part of the original project development plan.

“This year, we engaged with the Government and the State Negotiating Team on the P’nyang LNG project. In September, we entered into an important head of agreement in Houston, Texas.

“Since that time, we have been in active discussions on the gas agreement and we remain committed to progressing those to a conclusion.

“P’nyang will construct new upstream facilities in Western and link them with existing pipeline infrastructure and the LNG plant in Caution Bay.

“It will be an in an independent project, covered under a future benefit-sharing agreement.

“Gas from P’nyang will support domestic power supply, improving access to electricity power to Western and surrounds.

“We are also proud to be part of the Papua LNG project. Momentum is building with studies underway with front-end engineering set to begin next year.

“The two projects could last up to a decade of continuous construction activities.

“This would be significant to the country with potentially more than K65 billion.”


Reference: Pacific Ming Watch (6 December 2021). “PNG LNG generated K11billion revenue”.

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