O’Neill: Time to invest

 PRIME Minister Peter O’Neill says now is the right time to increase investment in PNG with anticipation that energy prices will rebound.

O’Neill made the point to a delegation from French company TOTAL exploration and production. 

The delegation accompanied outgoing Asia Pacific senior vice president Jean-Marie Guillermou, who made a courtesy call on O’Neill on Tuesday.   

“The low oil price has been a challenge for the global economy, but it is broadly expected that 

energy prices will increase over time.

“It is currently a prudent time to invest in Papua New Guinea’s resources infrastructure in anticipation of a return to better pricing.”

O’Neill expressed gratitude for Guillermou’s commitment to investment in PNG.

Guillermou was accompanied by incoming senior vice president for Asia Pacific, Olivier Cleret de Langavant. 

“On behalf of the Government I express my thanks for TOTAL’s investment in Papua New Guinea and ongoing commitment to the Elk-

Antelope liquefied natural gas project,” O’Neill said following the meeting.

“I wish Guillermou best regards for his pending retirement, and welcome Cleret de Langavant to his new role.”

O’Neill said he anticipated it would not be long before Guillermou returned to Papua New Guinea for personal leisure. “Guillermou said he was looking forward to coming back to Papua New Guinea as a tourist.

“Having travelled here on business there has not been the opportunity to fully take in the culture, fauna and wildlife of our nation and he now expects to return with his wife and enjoy a holiday.”