Papua New Guinea’s Prime Minister Peter O’Neill has announced a date for the signing of the gas agreement for the US$13 billion Papua LNG project. Opening the PNG Petroleum and Energy Summit in Port Moresby yesterday, he also outlined some of the key elements the agreement will contain.
A fifteen-year plan to develop the Ihu Special Economic Zone is expected to be approved this month. Driving its development will be the infrastructure requirements for Papua New Guinea’s second liquefied natural gas project—Papua LNG.
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French super major Total will look to have a final gas agreement with the Papua New Guinea government for the Papua LNG project by March 2019. If the project gets the final go-ahead, production should start in 2024, according to Jean-Marc Noiray, Managing Director of Total E&P PNG.
The Prime Minister Peter O’Neill has announced that Heads of Agreements will be signed for the Wafi-Golpu mine and Papua LNG project, to coincide with the APEC Leaders Week. In a pep to talk to business last week, he emphasised the benefits of hosting APEC 2018.
The Prime Minister, Peter O’Neill, speaking at Business Advantage Papua New Guinea Investment Conference in Brisbane, said the mid-year assessment of the economy was better than anticipated. He said the growing investment interest in the Pacific from China, Australia and the United States is ‘healthy’.
Papua New Guinea’s second LNG plant is expected to be ready by 2023-2024, according to Total Managing Director, Philippe Blanchard. He told Business Advantage PNG the company is also keeping its eyes open for other energy plants in PNG.
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Cross-industry collaboration and help from the Papua New Guinea government are required to get the most out of the gas in Western Province, David Lester, Chief Office Representative for Repsol PNG tells Business Advantage PNG.
Large scale gas projects suit multi-operators, says Gerea Aopi, President of the PNG Chamber of Mines and Petroleum. He tells Business Advantage PNG that this allows operators in Papua New Guinea to spread the fixed costs, which is one way that the industry is looking for productivity improvements.