Govt received K14bil from LNG


THE PNG LNG Project has paid more than K14 billion to the Government since the start of production in 2014, ExxonMobil PNG managing director Peter Larden says.
In 2021, the State earned record revenues from the project, with more than K2.2 billion delivered to the Government.
Revenues delivered included K7.1 billion flowing to Kumul Petroleum Holdings Limited and an estimated K4.5 billion in various taxes paid to the Internal Revenue Commission.
“The revenues and associated benefits from the project provide the Papua New Guinea (PNG) Government the opportunity to promote sustainable, long-term economic development.
He said revenues from the project were delivered through different mechanisms, including corporate and payroll taxes, equity (through State participation), development levy and royalties. As a founding member of the PNG Extractives Industry Transparency Initiative (PNG EITI), revenues and benefits from the project as well as the broader petroleum and mining industry are reported and made publicly available.
Further details on the types of direct and indirect benefits to PNG as well as the process through which revenues are delivered to the State, provincial government and landowners can be found on the PNG EITI website.
ExxonMobil PNG Ltd (33.2 per cent), a subsidiary of Exxon Mobil Corporation, operates the PNG LNG project on behalf of joint venturers: Santos Ltd (42.5 per cent), Kumul Petroleum Holdings Ltd (16.8 per cent), JX Nippon Oil & Gas Exploration Corporation (4.7 per cent), Mineral Resources Development Company Ltd (2.8 per cent). Petromin 0.2 per cent was incorporated into Kumul Petroleum Holdings Ltd (KPHL) in 2016.