O’Neill: Mining, oil drive economy

Business, Normal
Source:

The National, Wednesday 30th November 2011

PRIME Minister Peter O’Neill yesterday acknowledged that PNG’s mining and petroleum sector has been the most “aggressive driver of our nation’s good economic fortunes for almost a decade”. 
Speaking at the opening of the four-day mining and petroleum conference in Port Moresby’s Gateway Hotel yesterday, he said his government took note of the sector’s contribution to “stabilising and growing our economy since the economic melt-down of the 1990s.
“Indeed the mining and petroleum sector continues to enjoy exciting new discoveries and developments. We support and share in the excitement. 
“Our government expects that the strong performance in the sector will prevail over the next decade and beyond,” he said.
O’Neill said his government would not take a confrontational approach to have its way against resource developers and make specific mention of his support for all the LNG projects being developed including the US$15 billion PNG LNG project.
Horizon Papua will soon start construction work on its gas stripping project in the Stanley gas fields near Ok Tedi mine.
Talisman Energy and its partners, including Kina Petroleum, were also on the verge going into production at the Ketu and Elevala gas fields.
InterOil Corp was making steady progress in the Elk/Antelope gas fields with O’Neill’s support despite reservations from Minister William Duma and his departmental head Rendle Rimua and the state-owned Petromin Holdings Ltd.
At a press conference, O’Neill gave his undivided support for the InterOil Gulf LNG project even in its fragmented form of gas stripping that involved an LNG plant and a floating LNG, instead of a single large scale project as previously determined under an agreement signed between the State and InterOil in December 2009.
He indicated that the government would rescind previous NEC decisions and allow InterOil to proceed with its re-scoped and phased project.
O’Neill said the Gulf province was one of the least developed and neglected provinces in the country for a long time.
The province had produced some well-educated manpower for the country and it was only fair that the province should host the US$6 billion project with the support of Gulf Gover­nor Havila Kavo, he said.