Papua New Guinea Minister for Petroleum, Mr Kerenga Kua said, “NEC met on Friday 2 August and has discussed the result of the review conducted by the State Negotiating Team and has agreed in principle that State should stand behind the signed agreement in the best interest of the State.
“However, the State has reserved its rights to discuss a shortlist of matters to be discussed with the developers.
“We believe that what we have discussed and agreed to are favourable and will not affect the general economics and fiscal terms of the Papua LNG Gas Agreement, however those matters are of relevance to the State and this will be placed on the table for consideration by the joint venture partners.
“In view of the very limited agenda items identified for discussion the NEC does not believe it will take more than two weeks to conclude.
“The discussions will continue next Monday 5 August 2019,” said Mr Kua.
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“We believe that what we have discussed and agreed to are favourable and will not affect the general economics and fiscal terms of the Papua LNG Gas Agreement, however those matters are of relevance to the State and this will be placed on the table for consideration by the joint venture partners.
“In view of the very limited agenda items identified for discussion the NEC does not believe it will take more than two weeks to conclude.
“The discussions will continue next Monday 5 August 2019,” said Mr Kua.
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