Govt to sign Papua LNG project with Total

National

THE Government will sign the Papua LNG project with the developer Total next month, according to Prime Minister Peter O’Neill.
O’Neill said it would be one of the biggest investments made in the country costing about US$13 billion (K39 billion).
“The petroleum and energy sector looks very bright in PNG,” hel said.
“Our country has now entered the LNG business but we did so when the prices were historically high but fell very quickly. We have been through a huge challenge but the sector remains very positive with the possibility of strong returns on the investment.
“Our Government has worked very hard over the past eight years in ensuring that there are stable policies and reforms to help your investment work in this industry.”
O’Neill said the Papua LNG project would develop the Elk Antelope gas fields that would produce close to 2.7 million metric tonnes per annum. Two trains are being developed in Cosen Bay in the Gulf of Papua.
“Today, we are preparing for the second LNG project with Total, the Papua LNG project,” he said.
“Again it will quickly strengthen the growth of our economy and transform lives particular in Gulf. I thank the partners who are committed to this project.”
O’Neill said there had been a massive shift in the behaviour of consumers in Europe and Asia.
“And with our current energy exports, we have to tap into this market and we will expand opportunities as new products come on line.”