Prime Minister James Marape refreshed Papua New Guinea’s connection with key LNG partner Eneos Xplora Inc., formerly JX Nippon Oil and Gas Exploration Corporation.
Prime Minister Marape met with Representative Director and Chair of the company, Toshiya Nakahara, and his team in Tokyo this week as part of efforts to engage directly with Japanese companies operating in Papua New Guinea.
Eneos Xplora, which until recently was known as JX Nippon Oil and Gas Exploration Corporation, is a foundational partner in the PNG LNG project and continues to show interest in the upcoming Papua LNG project.
Marape used the opportunity to invite Eneos to consider business partnerships with state holding companies, Kumul Mineral Holdings Limited or Kumul Petroleum Holdings Limited.
“I want to ask you to be a good support to Kumul Petroleum Holdings and Kumul Minerals Holding. We are restructuring the companies to be major partners with investors overseas so that they bring to the table the security of the country," he said. “As we look forward to life beyond 50 years, we ask that you do not fear some of the reforms we do as we will make sure our investors make a return on their investments.”
The Prime Minister also reached out to other Japanese companies to partner in the Government’s subsidiary businesses, and to venture into the exploration of minerals and gas in the country.
He reassured investors of ongoing reforms aimed at securing the investment environment, including developments in the court system and the introduction of international arbitration to support independent dispute resolution.
PM Marape also mentioned current engagements with the Japan Bank for International Cooperation for additional support to Japanese investors, and encouraged Eneos Xplora to increase its involvement in PNG, given its longstanding presence in the country.
Eneos Xplora is involved in the development and production of oil and natural gas both domestically and internationally, serving as a core operating entity within the ENEOS Group – the largest energy, resources, and materials corporation in Japan.
