Oil and gas potential a promise for growth

Business

THE government will continue to advance its plans for the resources sector in oil and gas because of its huge potential, says Prime Minister Peter O’Neill.
O’Neill told the PNG Petroleum and Energy Summit on Monday in Port Moresby that the potential needed to be turned into real growth and development.
He said significant discoveries were about to be made between the waters of Australia and Papua New Guinea, particularly in the Gulf of Papua and the Bismarck Sea.
“We need to turn that potential into the real growth and development in our country. We are only at the tip of the iceberg because there is a lot more to be discovered in the oil and gas potential we have in this country.
“With the upswing in the energy prices I think it is time for us to invest and ensure that the next projects in this sector are developed in a timely basis.
“We need to encourage accelerated investment and continue to encourage upstream exploration.”
O’Neill said PNG had a strong potential in offshore sites.
“We have great confident in the hydro-carbon potential of the Gulf of Papua and I thank the exploration companies who have taken a comprehensive seismic survey in this area in the last three years over this year.”