Chief executive officer and chairman of the French oil and gas company, Patrick Pouyanné, revealed this during his meeting with Prime Minister Peter O’Neill on Friday.
“We intend to build our own facilities. It will be a big project – about US$10 billion and 10,000 people will have jobs,” he said.
“The plan is to build all facilities in Caution Bay to benefit from some synergies. We will also build the gas plant in Gulf near Purari River.
“There is a lot of gas in Elk Antelope but it’s important to continue the appraisal which will drill another well. Before beginning in 2017, we will be able to confirm the size of the project.”
“We know that we will have lows and high in the 20 years, but we are able to decide to invest even if the prices are low today because we know that the price will recover.
“We have the financial capacity and we also have the medium and long-term vision in the energy business.”
He said the best investments were when the prices were low because the costs were low and there would be more benefits for PNG and Total.