‘LNG spends K11bn’

 THE PNG LNG project has spent nearly K11 billion (US$4.53 billion) on both landowner and non-landowner companies by start of production.

According to the project’s second quarter environmental and social report for this year, to date, 

the project’s total landowner companies (lancos) spend has grown to more than K2.72 billion (US$1.12 billion).

Lancos have provided the project with services such as labour supply, light vehicle maintenance, heavy equipment rental, hire services and spare parts supply. 

Non-Lanco PNG businesses have also provided services to the project in the form of training services, equipment hire and camp rental services. 

Throughout the construction phase of the LNG project, the Enterprise Centre and the Project’s Business Development team have enabled businesses to capitalise on opportunities both within and outside of the project.

The Enterprise Centre has assisted more than 17,000 Papua New Guinean entrepreneurs since it was established in four years ago. The centre is a joint venture between ExxonMobil PNG Ltd and PNG Institute of Banking and Business Management.

By start of production, it has delivered equivalent of more than 10,000 training days and completed 322 business assessments for PNG businesses.

During this quarter, a total of 245 formal engagements and 290 informal were conducted with more than 14,000 people from 101 communities within the project area.

The project has completed more than 4500 community engagement which involved more than 160,000 individuals.   

Meanwhile, the first shipment of first cargo was described at historic moment for the country and thousands of people who have contributed to development of the US$19 billion (K46 billion) project.

Over its 30 years estimated period of the project’s operation, it is expected to produce 250 billion cubic metres of gas for customers throughout the Asia Pacific region.