The PNG LNG Project has paid over K14 billion to the State since the start of LNG production, according to ExxonMobil PNG Ltd.
In 2021 alone, the State earned record revenues from the project, with over K2.2 billion delivered to the government.
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| PNG Government paid over K14 billion from PNG LNG Project |
According to the company’s recent newsletter, revenues delivered by the PNG LNG project included K7.1 billion flowing to Kumul Petroleum Holdings Ltd and an estimated K4.5 billion in various taxes paid to the Internal Revenue Commission (IRC).
“The revenues and associated benefits from the PNG LNG project provide the PNG government the opportunity to promote sustainable, long term economic development.
“We are extremely proud of our performance in contributing to the PNG economy,” ExxonMobil PNG managing director Peter Larden said.
“Since 2014 we have delivered over K14 billion to the country, including some K4.5 billion in taxes. The tax figure includes the 2022 estimated tax payment of K1.1 billion made in April resulting from increased global oil prices and sustained volumes.
“This is one of the largest single tax payments by the PNG LNG Project to date.
“We are pleased to see this increased revenue going to the State.”
According to the company, revenues from the PNG LNG project are delivered through different mechanisms, including corporate and payroll taxes, equity (through State participation), development levy and royalties.
As a founding member of the PNG Extractives Industry Transparency Initiative (PNG EITI), revenues and benefits from the PNG LNG Project as well as the broader petroleum and mining industry are reported and made publicly available.
ExxonMobil PNG Limited (33.2 per cent), a subsidiary of Exxon Mobil Corporation, constructed and operates the PNG LNG Project on behalf of joint venturers: Santos Ltd (42.5 per cent), Kumul Petroleum Holdings Ltd (16.8 per cent), JX Nippon Oil & Gas Exploration Corporation (4.7 per cent), Mineral Resources Development Company Ltd (2.8 per cent). Petromin with its 0.2 per cent stake was incorporated into KPHL in 2016.
TheNational/Pacific Mining Watch