PNG LNG generated K11billion revenue

 THE PNG LNG project has so far generated K11 billion in revenue for the country, according to ExxonMobil PNG Ltd.

PNG LNG generated K11billion revenue

Managing director Peter Larden revealed this during the recent PNG Mining and Petroleum conference in Port Moresby.

“Up to October this year, PNG LNG has generated K11 billion in revenue to the State and landowners, which obviously supports investments and services and infrastructure across the country,” Larden said.

“In addition, K15 billion in business opportunities (were) generated across the country from the project.”

Larden said more than 91 per cent of the company’s workforce were Papua New Guineans.

He also announced some of the company’s plans.

“In July this year, I announced the restart of Angore project which was suspended in 2020 because of the pandemic,” he said.

“Angore was part of the original project development plan.

“This year, we engaged with the Government and the State Negotiating Team on the P’nyang LNG project. In September, we entered into an important heads of agreement in Houston, Texas.

“Since that time, we have been in active discussions on the gas agreement and we remain committed to progressing those to conclusion.

“P’nyang will construct new upstream facilities in Western and link them with existing pipeline infrastructure and the LNG plant in Caution Bay.

“It will be an in independent project, covered under a future benefit sharing agreement.

“Gas from P’nyang will support domestic power supply, improving access to electricity power to Western and surrounds.

“We are also proud to be part of the Papua LNG project. Momentum is building with studies underway with front-end engineering set to begin next year.

“The two projects could last up to a decade of continuous construction activities.

“This would be significant to the country with potentially more than K65 billion.”

The National / Pacific Mining Watch

Next : PNG OK Tedi Mine spent K103 million on Covid-19

Previous Post Next Post