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Hession: Great interest in PNG

Staff Reporter | 7:02 PM | |
 THERE has been great interest shown in Papua New Guinea’s LNG (liquefied natural gas) industry, according to InterOil chief executive officer Dr Michael Hession.
Hession said interest came from LNG investors and customers over the past six months, with Papua New Guinea being recognised as one of the low-cost LNG producers to Asian markets.
“Analysts acknowledge that the Papua LNG Project is one of the world’s lowest-cost, highest-return LNG opportunities,” he said.
“And following prime ministerial meetings between Japan and Papua New Guinea, Japan is considering placing PNG on its priority list as a supplier of LNG.”
Hession said corporate activity in companies with interests in PNG also highlighted the attractiveness of LNG assets.
He said InterOil was committed to developing the Papua LNG project.
“With strategic Asian buyers seeking LNG contracts in the 2020s, we are fully committed to developing the Papua LNG project to meet this window, where demand is forecast to exceed contracted supply,” he said.
Hession said the country was emerging as a premier LNG supplier.
“We have seen considerable commercial activity around companies with interests in PNG, with Repsol’s acquisition of Talisman, Woodside’s approach to Oil Search and Scepter’s bid for Santos,” he said.
“No other LNG-producing country presents such low cost, high value growth opportunities like those available today in Papua New Guinea,” he said.
 “It is understandable, in our view, that corporate interest in PNG is so strong.”