Tuesday, May 1, 2018

LNG project to boost PNG economy

ExxonMobil PNG Limited is committed to bringing economic benefits to Papua New Guinea, a company spokesperson stated yesterday in response to a new report released by Jubilee Australia Research Centre.
ExxonMobil is committed to contribute to the country’s development. Good governance, accountability and revenue transparency are critical to ensuring the value unlocked from gas resources in Papua New Guinea results in economic growth, increased opportunities and a better standard of living.
PNG LNG royalty payments have continued since the start of production operations in 2014. Payment and distribution of royalties and other benefits due to landowners in the project area is the responsibility of the government and is based upon benefits sharing agreements previously executed between the government and project area landowners.
The national government distribution of royalties and benefits to LNG plant area landowners began in 2017.
Royalty payments and other benefits due to landowners in Hela Province and other upstream areas will start as the government completes the additional landowner identification process that it started in the fourth quarter of 2017.
Benefits claims previously filed by certain landowners in the courts have only recently been resolved.
PNG LNG has contributed some K14 billion to local businesses and the government through employment taxes, MRDC and Kumul Petroleum disbursements, development levies, royalties, and license maintenance fees.
More than K3.5 billion has been spent with landowner companies and nearly 2600 employees and contractors are engaged in production operations.
ExxonMobil maintains social investment program that collaborates with government, donor and civil society priorities around education, community health, and broader socio-economic development

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LNG hurts PNG Economy


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