Tuesday, May 15, 2018

PNG RECEIVED K14 BILLION FROM PNG LNG: OilSearch

PNG has received K14 billion from the PNG LNG Project since production began, according to Oil Search Limited.

The country has received K14 billion in revenue, with K3.9 billion paid to the state and landowner entities in royalties, development levies and equity payments.

Managing Director, Peter Botten, said landowner benefits of K708 million is held in trust waiting for the completion of landowner identification process.

Botten also said of the 15 licences covering PNG LNG Project areas, 12 are either receiving (Plant Site LOs) or close to receiving benefits. Three are held up by the courts.

He said the process to ensure all landowner benefits are distributed, fully recognised by the Government and Department of Petroleum, is important.

Lessons learned from the process will be applied to LNG expansion, Botten stated.

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PNG LNG IMPACT QUERIED


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