Oil and Gas

Oil and Gas

PNG Business News - September 05, 2022

Pasca A Project Targets 90 Per Cent Of Jobs For PNG Nationals

Photo credit: PNG Chamber of Mines and Petroleum - Stephen Quantrill The Pasca A gas project's developer, Twinza, is prepared to collaborate with regional members of parliament to identify and reap the community advantages of the Pasca Development project. Stephen Quantrill, the executive chairman of Twinza, stated as much at a briefing for the PNG Chamber of Mines and Petroleum during the Members of Parliament Induction. According to Mr. Quantrill, Twinza anticipates that the project would create 300 direct and indirect employment in PNG during construction and that this figure will rise to 500 once the facility is up and running. He said that the business will aim to have PNG citizens fill 90% of these positions. “Twinza will introduce training programs to give the maximum number of Papua New Guineans the opportunity to work on the project and its supporting industries,” he said. Mr. Quantrill gave an update on the Pasca development, which, according to the business, could be operational and begin paying the government the planned K500 million in direct revenue annually by the conclusion of the current legislative session provided the required permissions are granted this year. The project will open up the economic development of neighbouring found and potential resources, and it is anticipated to contribute more than K18 billion to Papua New Guinea's GDP throughout its lifetime. The project sits 95 kilometres off the coast of Kerema in the Gulf of Papua, 93 metres below the surface of the ocean. Mr. Quantrill stated that the project is prepared to go into FEED as soon as the gas deal is finalised, signed, and approved, which the business stated is set to happen this year.   Reference: Post-Courier (2 September 2022). “Pasca Project Targets 90 Per Cent Of Jobs For Nationals.”

Oil and Gas

PNG Business News - September 05, 2022

PNG gas competing on global supply market, says exec

According to Peter Laden, managing director of ExxonMobil PNG Ltd, there are major sources of LNG (liquefied natural gas) supplies outside of Papua New Guinea (PNG). According to Laden, PNG presently accounts for 2% of the market for LNG, which produces eight to nine million tonnes annually. “In the future, even after Papua LNG, we will still represent about two percent of the global LNG market as a number of new projects come online in the coming years,” he said. “We are challenged and fighting for a limited amount of global capital to advance the next trench of projects here in PNG. “That’s why we are all here with the common objective, we want PNG on the map and we want to advance the resources here in a responsible way.” Laden acknowledged the benefits of the nation's competitiveness. “Specifically, proximity to Asia where the majority of our customers are is a true advantage. “This is a true advantage with shorter shipping routes to South East Asia at this point in time and it is also one of the global greenhouse competitive LNG projects already. “So when future investors and lenders look for future opportunities, they will start from there.” Commenting on exploration, Laden said this year that ExxonMobil was conducting its own seismic campaign and building on over US$2 billion (K6.9 billion) in exploration investments since 2010. “We are very active in the exploration space but we are going to need to work together to advance the exploration potential in this country.”   Reference: Pacific Mining Watch (29 August 2022). “PNG gas competing on global supply market, says exec”.

Oil and Gas

PNG Business News - September 05, 2022

PNG To Gain K85b From Papua LNG, Says Official

Photo credit: TotalEnergies  According to an official, Papua New Guinea would gain K86 billion from the Papua LNG project throughout its lifetime. Jean-Marc Noiray, managing director of Total Energies PNG Ltd, made the comments at the induction ceremony for new lawmakers in Port Moresby. He said this when acknowledging the country’s laws and regulations that governed resource projects as some of the best in the world. Local laws, according to Noiray, recognised landowners and gave the State and its citizens a powerful role. “From a regulatory point of view, we have done all that was needed, we have the gas agreement which secures the fiscal and regulatory terms,” he told MPs. “They are stabilised in a fiscal stability agreement with all the amendments that were required. So we are ready to go.” According to Noiray, during the course of the project's existence, the State would collect between 50 and 55 percent of its worth. “The higher the price of the gas, the more the shareholders are going to get,” he added. “The direct value going to the State we reckon will be in the order and value of US$25 billion (K86 billion) over the life of the project. “Just half of that is direct from what the developer will pay in terms of income tax than we have other direct taxes that will be paid, the workforce for example which we reckon is in US$3 billion (K10 billion) and indirect benefit in the order of US$8 billon (K27 billion) going to the country. “All those numbers, we will round them up and will be in the file that we will give to the authorities to try to get our different licenses. “We are keen to start contributing big to the country and to help the country and its citizens and local communities.”   Reference: Pacific Mining Watch (29 August 2022). “Papua New Guinea getting K86 billion from gas”.

Oil and Gas

PNG Business News - August 29, 2022

Pasca A Project Awaits Signing

The Pasca A offshore gas project in Gulf will go ahead once the gas agreement is signed and the petroleum development licence (PDL) is approved, says developer Twinza. Robert Gard, the chief executive officer of Twinza, made the statement while attending the recent induction ceremony for the 11th National Parliament in Port Moresby. “We are awaiting finalisation and signing of the gas agreement and approval of the petroleum development licence. “We are ready to proceed with front-end engineering and design (Feed) and project financing arrangements,” he said. The 95 km offshore Pasca A offshore gas project is located in 93 m of water. It was found in 1968, and Twinza bought it in 2011. After conducting a rigorous subsurface evaluation programme, Twinza submitted for a PDL in 2015. Pasca A possesses more than 70 mmbbl (million barrels) of liquefied petroleum gas and condensate in addition to 0.33 trillion cubic feet of recoverable dry gas. The project's advantages include: K500 million per year to the State (tax, levies, royalties); K8.6 billion revenue to PNG over the life of the project; K18 billion contributions to the gross domestic product over the life of the project; K400 million per year spent in PNG annual operating costs; and, 300 construction and 500 permanent jobs in PNG both direct and indirect. According to Gard, around 70 local businesses have already been named as service providers for the continuing project. “Direct jobs include offshore, supply base and office workers such as operating, maintenance, onshore support, marine support, catering staff, management and office support,” he said. “Indirect jobs include security, airline operations, hotel and transport, meals and catering supplies, spares and materials supply, helicopter logistics, training and professional services.” The Pasca A liquids-rich gas field in the Gulf of Papua is being developed by Twinza, an Australian upstream energy firm. The business has been operating in PNG since 2011 and has committed more than K350 million to thoroughly assess the market. Its creative development strategy and design are now prepared for implementation. Twinza is supported by financially sound and helpful investors and has offices in Port Moresby, Perth, and Singapore as well as a skilled staff of experts.   Reference: The National (25 August 2022). “Twinza: Projects await signing”.

Oil and Gas

PNG Business News - August 22, 2022

Pasca A Project Discussions Resume

The Pasca A project's discussions will resume, according to Prime Minister James Marape.  Marape said that they would start dialogue with them after negotiations had been stalled for months. “I assure resources licence holders for Wafi-Golpu, Pynyang, Papua, Pasca A, and Porgera that to enjoy the benefits of the current regime, we need to work together to make investment decisions on their current license now,” he said. “We continue to work closely with them to get to that point that they make investment decisions. Our intentions are clearly demonstrated in the deal that we have agreed to for the new Porgera mine. “We have gained more on the different benefit streams for the Papua New Guinea stakeholder, and provided much respect to the interest of the investor,” he said. According to Marape, the government was devoted to ensuring that ongoing work on the pipeline was advanced. “Porgera is the lowest-hanging fruit. “Papua LNG goes into Feed (front end engineering and design phase) soon. “We have a very good agreement with ExxonMobil on P’nyang and we will progress it in sequence with Papua LNG. “Wafi-Golpu is undergoing negotiations but a landing is in sight.” According to Marape, the government will also examine tax income and equity from resource developments. “We have been fortunate to be part of the high prices in the last couple of months, which is likely to yield enormous benefits from both the taxes and the equity. “We must make sure that projects are not disrupted in any way. “We must finally settle all our commitments to landowners, and also ensure that the Sovereign Wealth Fund commences. We owe it to our future generation,’’ he said.   Reference: The National (15 August 2022). “Pasca A talks to resume: PM”.

Oil and Gas

PNG Business News - August 17, 2022

Santos reports record first half free cash flow and underlying earnings, and higher shareholder returns

Photo credit: Jason Reed Santos today announced its half-year results for 2022, reporting record free cash flow of US$1.7 billion and underlying profit of US$1.3 billion. The results reflect significantly higher oil and LNG prices compared to the corresponding period due to stronger global energy demand combined with a higher interest in PNG LNG following the Oil Search merger. Santos intends to return US$605 million to shareholders (equivalent to US18 cents per share) under the company’s capital management framework, comprising a 38 per cent increase in the interim dividend to US7.6 cents per share unfranked (US$255 million) and an increase in the previously announced on-market share buyback from US$250 million to US$350 million. The US$350 million on-market buyback is inclusive of the US$250 million initial on-market buyback announced in April 2022, of which US$174 million had been completed by the end of June 2022. Santos intends to return the remaining US$176 million to shareholders via onmarket share buybacks during the remainder of 2022. Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos delivered record production, free cash flow and underlying earnings in the first half 2022 as the company benefited from strong customer demand for our products and higher commodity prices. “Demand for our products has remained strong in both Australia and internationally, due to increased demand and shortages of supply from producing nations due global underinvestment in new supply,” Mr Gallagher said. “We are seeing these issues play out in the significant shift in global energy policy towards energy security as a key priority. “Our critical fuels not only play a key role in the energy security of Australia and Asia, but they also provide affordable and reliable alternatives to switch from higher emitting fuels. “Today’s results demonstrate the strength of Santos, with strong diversified cashflows and capacity to provide sustainable shareholder returns, fund new developments and the transition to a lower carbon future. “Strong first half free cash flows mean we are in a position to deliver higher shareholder returns through an increase in the interim dividend and on-market buyback, consistent with our disciplined capital management framework.” Santos also announced today a final investment decision has been taken to proceed with the Pikka Phase 1 oil project located on the North Slope of Alaska. Further detail is available in Santos’ separate ASX announcement on the project dated 17 August 2022. Santos is also in advanced discussions with shortlisted counterparties for the sale of a five per cent interest in the PNG LNG project. Throughout this process, there has been strong interest from reputable counterparties with expected proceeds in-line with market consensus valuation. Santos intends to retain a 37.5 per cent stake in PNG LNG.   Article courtesy of Santos

Oil and Gas

PNG Business News - August 02, 2022

Sonk: Papua LNG FEED green light is good news for Papua New Guinea

Commenting on the recent announcement by TotalEnergies that the Papua LNG joint venture will launch the first phase of front-end engineering and design (FEED) studies for upstream production facilities on the 5.4 Mt/year LNG project that they are operator of,  Kumul Petroleum managing director Wapu Sonk was congratulatory. He said, “As a potential co-venturer in this LNG project, we are really glad that this momentous decision has been made by TotalEnergies and its partners, it is a sign of their faith in the future of Papua New Guinea.” Mr Sonk noted that studies for the downstream liquefaction facilities were also progressing in line with the overall project schedule, with the objective of launching the integrated FEED in the fourth quarter of 2022. “The project is targeting a final investment decision (FID) around the end of 2023, which will enable project construction to commence, leading to a projected project start-up at the end of 2027. We have been waiting for this good news for a number of years now.” As the national petroleum company, Kumul Petroleum Holdings will be exercising its right to take up to 22.5% equity in the Papua LNG project, and join the other partners TotalEnergies, ExxonMobil and Santos. Mr Sonk continued, “We have seen the many benefits that have come about as a result of the ExxonMobil led PNG LNG Project, and I foresee that the lessons learned from that project will enable all Papua New Guinea stakeholders to maximise their various benefits from the Papua LNG development. Papua LNG construction will have large multiplier effects in the economy” The decision by Papua LNG to enter FEED would benefit many stakeholders since after the completion of an estimated four years of construction it was planned to then start the construction of the P’nyang LNG Project, which would take another 3-4 years to construct. “The likelihood of up to eight years of LNG related infrastructure construction means that many nationally owned service industries have the opportunity to develop a firm financial, technical and human resource foundation that will ensure their future in a rapidly industrialising Papua New Guinea.” Mr Sonk confirmed his belief that LNG developments would underpin the economy of PNG for at least the next two decades, assisting in the roll out of electrification across the country and be the catalyst for downstream processing of petroleum into products such as fertilisers and petrochemicals. “At Kumul Petroleum we will be playing a continuing role in petroleum developments and also intend to play a greater role in related nation-building projects to ensure that benefits from this sector are spread as widely as possible.”

Oil and Gas

PNG Business News - July 21, 2022

TotalEnergies Announces New Milestone towards Papua LNG Development

Photo credit: TotalEnergies TotalEnergies, as operator, has announced the decision of the Papua LNG joint venture to launch the first phase of front-end engineering and design (FEED) studies for the Papua LNG project's upstream production facilities. In parallel, studies for the downstream liquefaction facilities are progressing in line with the overall project schedule, and the objective is to launch the integrated FEED in the fourth quarter of 2022. The project is targeting a final investment decision (FID) around the end of 2023, and a start-up at the end of 2027. “The commencement of upstream FEED studies is another significant step towards developing the Papua LNG project, which will increase Papua New Guinea’s LNG export capacity and thus contribute to its further development," said Julien Pouget, Senior Vice President Asia Pacific for Exploration & Production and Renewables at TotalEnergies. "The Papua LNG project is well positioned to contribute to growth in LNG supply worldwide, especially for customers in Asia seeking to decarbonize from coal to gas, in line with our strategy to lower global greenhouse gas emissions.” The Papua LNG joint venture is committed to developing a landmark project in terms of sustainability, biodiversity, and low carbon emissions. Specifically, the project will incorporate a carbon capture and storage scheme for the fields' native CO2, which will be reinjected into the reservoirs.   Article courtesy of TotalEnergies

Oil and Gas

PNG Business News - July 11, 2022

Oilmin, PNG’s Leading Field Service Provider

Photo: One of Oilmin’s Campsites in PNG In Papua New Guinea, Field Service providers are constantly challenged to adapt their operations based on the particular conditions encountered at the Project area of operations. A company which has been in the business of providing these services to the oil, gas and mining sectors for the past 30 years is O.M. Holdings Limited (trading as Oilmin Field Services and Oilmin Seismic Services). Oilmin is a 100% PNG owned company which has an enviable reputation of providing safe and efficient Field Services throughout the country despite the rigorous demands of supporting exploration operations in challenging terrain. Oilmin’s core expertise includes manpower (skilled and unskilled) and expert supervision for onshore seismic acquisition surveys, construction of remote camps and the subsequent management and catering services, and civil construction projects including construction of rig pads. Oilmin’s pool of specialists includes Project Managers with a specific expertise in Seismic Crew Management, Tree Felling Specialists, Trainers, Drilling Managers, Bridging Managers, Civil Construction Managers, Camp Managers and Catering Managers. The primary task of these specialists is to bring their international experience and expertise to ensure safe operations. It is an Oilmin requirement that they assess their National workforce, train them, identify high achievers and mentor them into senior roles within the Company. This has been very successful and Oilmin now has National Chainsaw Supervisors within the company. They also have National Managers throughout Oilmin whom manage operations in the areas of Camp Management, Catering, Personnel, Human Resources and Logistics. With an established history that spans over three decades in the industry, their major clients are International Oil, Gas, Mining and Construction companies with operations all over Papua New Guinea. Mr. Fintan Lalor, Oilmin’s Operations Manager said “Recent developments has led to Oilmin partnering with Smart Seismic Solutions to offer locally based geophysical exploration services to our clients. For the first time in PNG, a PNG owned company is now operating a world class seismic crew on behalf of international exploration companies. Our clients can rely on us to sub-contract all of the support services required such as helicopters and medical services which significantly reduces much of the preparation work that historically they performed themselves.” With a vast local and regional knowledge and as one of the PNG’s leading suppliers of remote field support services, Oilmin aims to be the premier support service provider for major Oil & Gas projects and other industries.

Oil and Gas

PNG Business News - June 06, 2022

According to Santos Executive, Angore Development is a Plus for PNG

Photo: Santos is in a strong position with the announcement of the next tranche of backfill gas to maintain PNG LNG production and the final investment decision on the Angore Development project. According to Brett Darley, Santos President Upstream Oil and Gas, who spoke at the recent Australia PNG Business Forum in Brisbane, the first gas from Angore is expected in 2024, and Santos' share of capital expenditure would be around US$135 million (K475.3m). On the tail of a worldwide epidemic, he added, these drilling efforts will be a huge boost for the sector and economy, as Santos looks to expand its resource portfolio. “In addition to progress being made on the Angore Development project, we have seen strong performance from the Agogo and Moran fields. “A coiled tubing campaign commenced in the fourth quarter of last year in those fields, which will deliver incremental production in 2022,” he said. “Papua LNG, a project that has the potential to be nation shaping for decades to come, continues to progress technical and commercial, regulatory, social, and environmental activities. “These pre-FEED activities remain on track in support of a FEED-entry decision that is targeted to be made by the end of this year.” Mr. Darley stated that, given the present supply shortage in the global LNG market, initiatives like Papua LNG are becoming increasingly important for global energy security and affordability. “We are continuing to work hard with our joint venture partners to progress this project which will create local jobs in Papua New Guinea, drive economic development, and create revenues for the government. “The other growth project that we are working hard on is P’nyang, with the P’nyang Gas Agreement being successfully executed between the PRL3 joint venture partners and the PNG government earlier this year,” he said. “We are working hard on the integration of the Oil Search business, on delivering on our commitments, and on ensuring the growth project and opportunities that are so important to PNG to continue on schedule and on budget.”   Reference: Post-Courier (1 June 2022). “Angore Development A Plus For PNG, Says Santos Boss”.

Oil and Gas

PNG Business News - May 22, 2022

PNG LNG Project Delivers Record Revenues to PNG

Since the start of LNG production, more than K14 billion has delivered sent to the state from the PNG LNG project. ExxonMobil in 2021 delivered K2.2 billion to the State. K7.1 billion to Kumul Petroleum Holdings Limited and an estimated K4.5 billion in various taxes were paid to the Internal Revenue Commission since Production in 2014. “The revenues and associated benefits from the PNG LNG project provide the PNG government the opportunity to promote sustainable, long-term economic development. We are extremely proud of our performance in contributing to the PNG economy,” ExxonMobil PNG managing director Peter Larden said. “Since 2014 we have delivered over K14 billion to the country, including some K4.5 billion in taxes. This includes the April payment of K 1.1 billion in estimated tax for the first four months of 2022 linked to increased global oil prices and sustained volumes. This is one of the largest single tax payments by the PNG LNG Project to date. We are pleased to see this increased revenue going to the State.” The PNG LNG Project generates revenue through a variety of mechanisms, including corporation and payroll taxes, equity (through State involvement), development levy, and royalties, according to him. Revenues and benefits from the PNG LNG Project, as well as the broader petroleum and mining industries, are recorded and made publicly available as a founding member of the PNG Extractives Industry Transparency Initiative (PNG EITI). More information on the sorts of direct and indirect benefits to PNG, as well as the mechanism for distributing profits to the state, provincial governments, and landowners, may be found at https://www.pngeiti.org.pg/. The PNG LNG Project was built and is operated by ExxonMobil PNG Limited (33.2%), a subsidiary of ExxonMobil Corporation, on behalf of joint venture partners Santos Limited (42.5%), Kumul Petroleum Holdings Limited (16.8%), JX Nippon Oil & Gas Exploration Corporation (4.7%), and Mineral Resources Development Company Limited (2.8 per cent). In 2016, Petromin (0.2%) became part of Kumul Petroleum Holdings Limited (KPHL).   Reference: Post-Courier (18 May 2022). “K14 Billon In LNG Revenue Delivered To PNG”. 

Oil and Gas

PNG Business News - April 21, 2022

ICCC To Remove 10% GST on Fuel Products

On May 8, 2022, the Independent Consumer and Competition Commission will remove the 10% GST on fuel products from its calculation template. At a news conference in Port Moresby, ICCC chief commissioner and interim chief executive officer Paulus Ain announced. He stated that the import duty and excise duty on gasoline, diesel, and ZA1 will be totally eliminated and that the ICCC will guarantee that this is reflected in retail outlet pump prices across the nation. “On the government’s relief package, the ICCC is willing to assist the government by enforcing some of these decisions in relation to fuel and key household items,” he said. “Given that fuel is a major cost input with these huge reductions the ICCC expects the business community and public transport (land, sea and air) network to pass these cost savings on to the consumers.” He stated that the ICCC will monitor compliance and that individuals who do not comply will face penalties under the Price Regulations Act. The ICCC is presently in contact with the government for prospective budgetary help, according to Mr Ain, in order to carry out this vital task. Fuel, he added, is a big cost driver since it is a significant input in many supply chains in the country's production and delivery of products and services. “When fuel prices increase, it often drives up the cost of doing business and subsequently increases the prices of goods and services,” Mr Ain said. “If fuel prices are decreasing, these will have a chain effect on other items because freight will come down and shelves prices of goods and services will also decrease.”   Reference: Kamus, Maxine. Post-Courier (20 April 2022). “10% GST On Fuel To Be Cut In May”.

Oil and Gas

PNG Business News - April 21, 2022

Santos Releases 2022 First Quarter Report

Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos delivered record production, sales revenue and free cash flow in the first quarter, demonstrating the strong performance of the base business and strategic benefits of our diverse portfolio. Strong production combined with higher commodity prices delivered record quarterly free cash flow of US$865 million, an increase of 186 per cent from the corresponding period last year. “By designing our portfolio to provide strong cash flows throughout the commodity price cycle, our disciplined, low-cost operating model has positioned us to take full advantage of the increase in commodity prices,” Mr Gallagher said. “Today’s results demonstrate that our business has the size, scale and cash flows to enable Santos to deliver stronger shareholder returns. “Consistent with our strategy, our next stage of growth will be disciplined and phased appropriately. The Barossa project is 33 per cent complete and making excellent progress, while the Moomba carbon capture and storage project will deliver a step-change in our emissions profile when it comes online in 2024. “Our goal is to deliver superior shareholder returns while being a global leader in the transition providing cleaner energy and clean fuels that are affordable and reliable.”   Article courtesy of Santos. Full report can be found HERE

Oil and Gas

PNG Business News - February 28, 2022

FEED for Papua LNG to Begin June 2022

The $US12 billion Total-led Papua LNG Project will begin front-end engineering and design in June 2022. Total Energies Senior Vice President Asia Pacific Julien Pouget verified this, who stated that the business is dedicated to seeing that the project is completed, adding that the PNG Total Energies team, led by managing director Jean-Marc Noiray, is on schedule to do so. He stated that the project would confront logistical obstacles, but that they are striving to overcome them. “We have an excellent team and together with our partners we are going to make this happen as soon as possible,” he said. Mr Noiray stated that they would begin FEED in June, with the goal of completing FID by the end of 2023. Construction will commence in 2028, with the goal of completing production by the end of 2027. “This is an aggressive timeline and we are still committed to delivering it. “We are also carrying out the environmental survey liaising with CEPA to achieve our environmental permit hopefully by Q2/Q3 of this year. “We’re keen on delivering the project. “This project is too essential for the country and the country need the project and we will try to do our best. We are not the type of company which is trying to cheat in and abuse position. “We want to find balance, because balance agreements they last.” In welcoming Mr Pouget to the nation on behalf of Prime Minister James Marape, Minister for Petroleum Kerenga Kua stated the PNG Government is optimistic that the project would get off the ground and into FEED, FID, and production. He stated that the State's interactions with the investor have been favorable, and that he looks forward to working with the operator to achieve the next milestones. “I look forward to working with Julien. “We’ve overcome a lot of milestones already but there is still a few more very significant milestones in front of us and I am happy to hear Jean-Marc that we are committed to FEED and after that we will be looking at construction and all of that. Along the way irrespective of the government, this project is a political project,” Mr Kua said. “This project underpins the dreams and vision of this country. No state of leadership can afford not to treat this project with respect. “So we will continue to give the support that you need going into the election.”   Reference: Yafoi, Melisha. Post-Courier (21 February 2022). “FEED For Papua LNG In June”. 

Oil and Gas

PNG Business News - February 24, 2022

PNG Chamber Congratulates all parties on signing of P’nyang Gas Agreement

The Papua New Guinea Chamber of Mines and Petroleum congratulates the Papua New Guinea Government and joint venture partners ExxonMobil, Santos and JX Nippon on the execution of a gas agreement to guide the development of the P’nyang Project.  Prime Minister James Marape, Petroleum Minister Kerenga Kua, Exxon Mobil’s Peter Larden and Santos’ Brett Darley, on behalf of the project partners signed the Project Gas Agreement Tuesday afternoon at Government House in Port Moresby, marking a major milestone for the project, and setting the fiscal framework and supporting project scoping and evaluation.  President of the PNG Chamber of Mines and Petroleum, Anthony Smaré, said this major project will see the delivery of gas and condensate through new upstream facilities in Western Province linked to the world-class PNG LNG plant near Port Moresby.  “The P’nyang project has been a long time coming, and all of the partners in the project, led by ExxonMobil PNG, must be commended for their steadfast commitment to ensuring negotiations on this project were resurrected, and now seen to fruition with this signing.  The world is moving quickly under a new net-zero paradigm, and thus if we do not bring these projects onstream responsibly and expeditiously, then as a country we may lose that opportunity, and with that associated benefits and revenues in the form of taxation revenue, job and training opportunities, state company revenues, landowner revenues and benefits, and business opportunities for Papua New Guinean entrepreneurs and SMEs. ” Mr. Smaré said.  “It was important that P’nyang, Papua LNG, Wafi and Porgera are progressed in a responsible and expedient manner to significantly boost the economy to help our country overcome is recent economic challenges.  This announcement will improve investment confidence in Papua New Guinea internationally.” 

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