He made this announcement at the third PNG Petroleum and Energy Summit in Port Moresby before over 600 international investors from the petroleum industry yesterday. Mr O’Neill also said there are other discussions taking place on the extension of the current PNG LNG project and the P’nyang expansion led by ExxonMobil.
THE K44 billion (US$13bn) TOTAL led Papua LNG gas agreement will be signed on April 5, 2019.
This was announced by Prime Minister Peter O’Neill yesterday at the CWC third Petroleum and Energy summit in Port Moresby.
Mr O’Neill said it is the target for that agreement to be signed and is one of the biggest investments in the country.
He said when the state signs the second LNG agreement, he strongly believes that the global market will depend on PNG and will rely on the stability and the policies of the petroleum and energy industry.
“The Papua LNG project is an investment of some USD$13bn that will develop the Elk Antelope gas fields and they are certainly going to produce close to 2.7 million metric tons per annum (mtpa) and the two trains has been developed in the caution bay is going to ensure that we remain confident.
Our government has learnt from those past mistakes and we are not ready to repeat those mistakes again,” he said.
PM O’Neill said Treasurer Charles Abel and Minister for Petroleum Fabian Pok are leading a very strong negotiation team in making sure that all project development negotiations will benefit the interest of the people.
“But it will also provide a fair efficient environment for our development partners to maximise returns on their investment partners.
“We are trying to conclude a win-win situation for all developers and for all our people.
“When we started discussing the exports of the LNG some 20 years ago, we had very little understanding and really basic understanding on the scope of the business in his industry.
Today we have the gas agreement for the second LNG with TOTAL, the Papua LNG project and as the first LNG did for our country.
“It will quickly strengthen the growth of our country’s economy and will transform many lives in our country, particularly in the Gulf province,” he said.
“Very importantly we believe that the globally economy is entering into a most hungry energy phase in our global history.
“And we can see the consumption escalating and we believe strongly that Papua New Guinea is in a very strong position,” Mr O’Neill added. Post courier
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