Royalties with bank: Bakani

By SHIRLEY MAULUDU
ABOUT K300 million in royalties belonging to PNG LNG project impact landowners is still in a trust account with the Bank of Papua New Guinea (BPNG), an official says.
BPNG governor Loi Bakani said this was pending proper identification that needed to be completed for genuine landowners.
“The trust account is still held at the Bank of PNG,” he told The National.
“The ones that are getting their royalties are the ones at the pipeline area, and where the processing facility is.
“The ones that are not paid are where the oil and gas are coming from.
“It’s over K300 million sitting there in the trust account.
“The disbursement of it is awaiting the landowner identification.
“We hear it’s been done already but we did not get clear instructions on who to pay to and all that, so that is still pending.”
Meanwhile, according to the recently published Environmental & Social Report for 2019 from ExxonMobil PNG Ltd (EMPNG), the PNG LNG project reached its most significant milestone last year with the completion of 10 years in the country.
EMPNG, a subsidiary of Exxon Mobil Corporation, manages operations of the PNG LNG project.
Over the past decade, the project has partnered with many government, non-government organisations and communities to position PNG as a world-class LNG supplier.
Co-venture partners in the project include Oil Search Ltd, Kumul Petroleum Holdings Ltd, Santos Ltd, JX Nippon Oil and Gas Exploration Corporation and Mineral Resources Development Company Ltd and their affiliates.
In 2019, EMPNG celebrated a decade of partnership with Papua New Guinean businesses.