Pok markets PNG’s vast energy potential during US conference

Papua New Guinea has the potential to meet the energy needs of the Asia-Pacific region and the world, Petroleum Minister Dr Fabian Pok, pictured, says.
He said this in his address to the 2018 World Gas Conference in Washington, US, last week.
Pok said PNG’s vast natural gas resources with other energy sources in the country would ensure PNG met global market demands.
He gave the opening remarks at the Apec Petroleum and Energy Ministers – Chief Executive Officers’ Dialogue in Washington on LNG trade development and trade.
The meeting was attended by petroleum and energy ministers and CEOs of Apec countries.
Pok said PNG was a new member of the exclusive natural gas-producing group of countries.
He said PNG’s participation in such meetings was a privilege and crucial in developing the industry in line with world best practices.
“Last year, our Government approved the PNG Natural Gas Policy White Paper that is intended to set in place specific policies in this industry to maximise benefits to the country,” said.
“This is a critical policy document, which will guide the development and management of our country’s growing oil and gas industry to be competitive in the world market while at the same time derive more benefits at the domestic sector.
“The developments in the gas portfolio have created more challenges to the Government.
“The challenges include policy, legal and institutional frameworks.
“Others include the development of natural gas infrastructure, formulation of relevant policies on domestic market obligation and managing export market, local content, third-party access regime for the gas pipeline, gas revenue management and health, safety and environment protection.”
Pok said for PNG, it was imperative that the Government must formulate these policies to provide a comprehensive framework.
This was to guide the development and growth of this industry and to ensure optimal benefit to the country and its future generations.