Extractive sector can fix economy, says Botten


THE foreign exchange shortage can be fixed while also doubling the liquefied natural gas production by 2023 through the commitment of the extractive sector towards national building, says Oil Search managing director Peter Botten, pictured.
Botten told a NBC National Press Club luncheon this week that the extractive sector progressed in the past decades.
“We are at the crossroads. We have the resources yes. The industry is highly competitive. But we need to play a greater role in nation building by providing the backbone of infrastructure, power, employment opportunities and training,” he said.
“We have the capability to double LNG production by 2023. We are able to invest up to K60 billion over five years to grow our collective businesses, fix the foreign exchange problem, build new PNG businesses. But this won’t happen without a commitment to national building by us all.
“The PNG LNG was a coming of age for the country. It proved that world-class projects can be built and operated successfully here. We are now at the next iteration, a second coming of age, where lessons learnt from the first project and revised community expectations must frame how we all move forward in reaching the potential of our industry in this country.”
Botten said the sector was very promising with the potential to continue producing gas for more than 50 years.

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