PM Marape invites JX Nippon Oil & Gas Exploration to invest more in PNG LNG

By: PNG Business News October 03, 2022

Photo: The PNG and JX Nippon Oil & Gas Exploration delegations after their meeting in Tokyo.

Prime Minister Hon. James Marape has encouraged major Japanese company JX Nippon Oil & Gas Exploration, which already has a 4.7 per cent stake in the PNG LNG Project, to also participate in upstream and downstream of Papua LNG (Gulf), P’nyang LNG (Western) and the exciting new Muruk LNG (Hela).

JX Nippon Oil & Gas Exploration has been involved in the oil exploration and development projects at Kutubu and Moran as well as other oil fields in PNG since the early 1990s, and has a 4.7 percent interest in the PNG LNG Project.

PM Marape made the invitation to JX Nippon Oil & Gas Exploration during a meeting with President and CEO, Nakahara Toshiya, and his delegation in Tokyo on Tuesday (September 27, 2022) during his one-day visit to attend the state funeral of former prime minister Shinzo Abe and bilateral meeting with current Prime Minister Hon. Fumio Kishida.

The Prime Minister – who was accompanied by International Trade and Investment Minister Hon. Richard Maru, East Sepik Governor Hon. Allan Bird and PNG Ambassador to Japan H.E. Samuel Abal – said PNG’s economy would be powered by LNG for at least the next 30-40 years and JX Nippon Oil & Gas Exploration was welcome to increase its investment portfolio.

JX Nippon Oil & Gas Exploration has been involved in the PNG LNG Project, which ranks as its third LNG project following those in Malaysia and Indonesia, from the business feasibility study stage. The project links Highlands’ production facilities with a liquefaction plant and exporting facilities outside Port Moresby through an onshore and subsea pipeline that extends for more than 700km. It began production in 2014 and supplies LNG to Japan and other Asian nations.

“JX Nippon has been an active partner in our oil and gas sector space,” PM Marape told Toshiya and his delegation.

“You are involved in the PNG LNG Project and we sincerely appreciate your presence there.

“We have moved Papua and P’nyang, and we now want to ensure that Muruk is secured.

“Our Government is moving to secure at least five per cent for domestic market use, and I invite JX Nippon and your other subsidiaries in the petro-chemical space, to venture into this as I want a robust petro-chemical business in PNG for domestic consumption as well as export.

“I also ask JX Nippon to advocate for PNG LNG in Japan so that the gas we produce can be sold more on the Japanese market.

“We’re looking at PNG being an LNG producer for the next 30-40 years.

“JX Nippon has been part of the growth of PNG’s oil and gas industry and we invite you to go more into downstream processing, as well as upstream in partnership with Kumul Petroleum Holdings Ltd (KPHL) or as a stand-alone.

“You know our culture and environment, having been here since 1990 in the petroleum business and are most welcome.”


Article courtesy of PM James Marape News Page

Related Articles

Recent Articles

See Our Latest Issue

See Our Latest Issue

See Our Latest Issue

See Our Latest Issue