Publish production data: EITI

Business

IT is important that investment companies disclose their production data for public consumption, according to the PNG Extractive Industry Transparency International (EITI).
Head of the EITI secretariat Lucas Alkan welcomed the recent disclosure by ExxonMobil on its 300th shipment of liquefied natural gas cargo leaving PNG shores for overseas buyers.
“It is pleasing to note that the company is disclosing such information so that the public can be kept informed,” he said.
ExxonMobil’s operations last year produced 7.9 million tonnes of LNG – an increase of 14 per cent from the original design specification of 6.9 million tonnes per annum (mta).
Over the next 30 years, it is estimated that the project will produce more than 11 trillion cubic feet of LNG.
The estimated value of each LNG shipment was said to be between US$48 million (K151.4 million) and US$50 million (K157.7 million).
ExxonMobil is a member of the Multi Stakeholder Group, the body that oversees what is done in the country to achieve EITI global best practice in terms of reporting on how they manage the petroleum and mineral wealth.
Alkan welcomed the decision by ExxonMobil (PNG) to give updates on the LNG cargoes leaving PNG shores.
“I’ve seen that the Exxon team is media-friendly and we are grateful for that, particularly when Papua New Guinea’s EITI candidate status is validated early next year (2018) by the EITI International Secretariat to determine whether we have met or are making meaningful progress in meeting the global best practice to be a fully-pledged member country,” he said.

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