Success in PNG needs new approach: Botten

Business

OIL Search’s longevity and success has been built on balancing judicious acquisitions, value-driven operations and playing a critical role in nation building.
Oil Search managing director Peter Botten, pictured, said during an address at the Sydney Mining Club last week that success in Papua New Guinea required a different approach.
“We face the same challenges as any (oil and gas) producer that of safety and economically getting oil and gas out of the ground and to the market,” Botten said.
“But we face different challenges in maintaining operational stability that requires us to take on a role in social development and nation building.
“We work collaboratively with our joint venture partners, communities and government to develop resources in a responsible and equitable manner.”
Botten provided an overview of Oil Search’s history from a humble explorer in 1929 to receiving its first production revenues 63 years later in 1992, to becoming the largest Papua New Guinea company and investor celebrating 90 years this year.
Describing Papua New Guinea as a beautiful and constantly changing landscape with its fair share of challenges, Botten has worked productively with all eight prime ministers during his 26 years as managing director of Oil Search, including the Prime Minister James Marape.
“Marape is a passionate new leader with strong values, and I look forward to working with him and his new government,” Botten said.
Regarding the LNG expansion, Botten said the next phase in PNG’s gas development must move forward in a responsible manner and must consider lessons learned on optimising a sustainable, responsible process.
“The recent signing of the Papua LNG Gas Agreement was a major milestone,” he said.
“The signing has allowed all project parties to proceed with confidence into FEED-related activities.”
Botten emphasised the importance of working with the new Government to complete the P’nyang Gas Agreement in a timely manner.

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