Fiji investors offered LNG slots in Gulf

Business, Main Stories

A DELEGATION representing the Gulf provincial administration in Papua New Guinea is offering Fiji investors a chance to be part of a F$20 million (K27.66 million) development project after discovering the positive potential of natural gas reserves.
The multi-million dollar development plans for the province include a deep sea port, liquefied natural gas power plants, petroleum processing plants, an international airport, real estate, shipping and industrial city concepts.
Gulf province Governor Havila Kavo said an assessment of the province last month revealed its potential to become a major LNG producer.
“The LNG will produce between 15 trillion cubic feet and more than 50 trillion cubic feet of gas, making it the biggest in the southern hemisphere,” he said.
He added that one oil field could generate 400 million cubic feet of gas per day and 5,000 barrels of condensate.
“Several companies have been doing exploration work in the country for more than 10 years and they’ve joined our project to turn Gulf province into a hub.
“We already have gas ready to be piped down to the coastline and the work is in its final stages.
“I have travelled outside PNG to source keen investors for some of the major infrastructure developments that I want to put in place first,” he said.
Mr Kavo said the tourism and hospitality industry in Fiji was the ideal model for development in his province.
He said even though Fiji had gone through tough economic times, there was still money in the country that could be invested to bring back more returns.
“If the hospitality service is interested in setting up a hotel in my province, then there will be an influx of people and money will be there,” he said.
“There is still money and business opportunities and I’d rather give the invitation to my Melanesian brothers in Fiji first before extending it to other investors .”
The development projects are expected to generate employment opportunities for more than 20,000 people.
Gulf province is located on the southern coast. The province is dominated by mountains, lowland river deltas, and grassland flood plains. The Kikori, Turama, Purari and Vaiala rivers all meet the sea known as the Papuan Gulf. –