US$9b boost for Papua New Guinea’s economy

News that matter in Papua New Guinea

US$9b boost for Papua New Guinea’s economy

PORT MORESBY: Prime Minister James Marape says a deal on the country’s third Liquid Natural Gas (LNG) project is expected to be signed next week.

He said the cabinet had cleared the US$9 billion P’yang Gas Agreement which now awaits signing between the State and developer, ExxonMobil.

“The P’nyang standalone project would be integrated with the multi-billion-dollar PNG LNG project,” he added.

The news break was reported by The National:

US$9bil P’nyang deal set

February 18, 2022The NationalMain Stories

PRIME Minister James Marape says a deal on the country’s third liquid natural gas (LNG) project is expected to be signed next week.
He said cabinet had cleared the P’nyang Gas Agreement, which now awaits signing between the State and developer – ExxonMobil.
Marape told The National yesterday that the US$9 billion (K30bil) P’nyang standalone project would be integrated with the multi-billion dollar PNG LNG project.
The P’nyang agreement closely follows another multi-billion agreement made two weeks ago to reopen the Porgera gold mine.
The US$5.4 billion (K18.5 billion) Wafi Golpu project is expected to be announced next week, Marape said.
On a PNG LNG project related matter, Marape mentioned Santos Ltd’s positive indications of additional equity, based on his request to Santos, if they offload equity in PNG LNG as a result of their acquisition of Oil Search assets.
He commended Santos chief executive officer Kevin Gallagher for the good indications thus far, saying this should recompense PNG parties in PNG LNG for dilution of their interest to only 19.6 per cent instead of the 22.5 per cent required by law.
“We started a protracted negotiation that included detaching P’nyang from Papua LNG terms and moving onto a separate template to gain more for the State but at the same time, giving respect to our investors’ return on their investments,” Marape said.
“After almost two years of exchanges, I think we have found the sweet spot where investors will be happy and PNG beneficiaries, including the Western government and landowners, will be happy.”
Marape said the State team had secured total state equity to be at 34.5 per cent above the 22.5 per cent allowed by the Oil and Gas Act.

Comments

Post a Comment

Popular posts from this blog

Growing unemployment rate in Papua New Guinea

Image
News that matter in Papua New Guinea Growing unemployment rate in Papua New Guinea (Employment stagnant since 2014) PORT MORESBY: Employment in Papua New Guinea (PNG) has remained stagnant since 2014 with millions of unemployed looking for jobs. The formal job market currently can only accommodate between 400,000 and 500,000, Institute of National Affairs executive director Paul Barker says. “As more young people enter the job market this year after graduating from tertiary institutions and schools, the chances of securing formal employment is slim. “Employment had remained stagnant despite the increase in potential workers coming out of educations institutions,” he added. Read on for more details as published by The National : Hard to get jobs January 27, 2022 The National Main Stories By DALE LUMA MILLIONS of eligible workers around the country are looking for jobs in the formal sector, which currently can ...
Read more

Sugu Valley tribal war death toll rises to at least 30

Image
News that matters in Papua New Guinea Armed tribal warriors on the move in Sugu Valley. Sugu Valley tribal war death toll rises to at least 30 PORT MORESBY: At least six tribes have been fighting in Sugu Valley (Kagua-Erave, Southern Highlands) since Feb 10, 2019, without any signs of an end and peace. In fact, the death toll has risen to at least 30, up from 11 on May 23, 2019, and the opening of a new battlefront in Sumbura near Poroma with multiple deaths reported in 24 wards. Armed tribal warriors on the march into the forests and jungles. PNG Cyber Monitor had on a May 25, 2019, posting ( https://pngcybermonitor.blogspot.com/2019/05/real-life-rifles-bows-and-arrows-bloody.html Real life rifles, bows and arrows bloody fights in PNG ) highlighted the bloody battle waged by tribal warriors armed with rifles, bows and arrows and knives. PNG Cyber Monitor is again highlighting the plight of the villagers who have been living in fear as reported by The Nationa...
Read more

Sorcery shame for Papua New Guinea in X’mas

Image
News that matter in Papua New Guinea Sorcery tortures and violence are still being practised in Papua New Guinea in this 21st Century digital era. Sorcery shame for Papua New Guinea in X’mas PORT MORESBY: It was international shame for Papua New Guinea (PNG) this Christmas when sorcery reared its ugly head. Six women were stripped, bound to poles and burnt with hot knives as they screamed in pain, watched by an unsympathetic crowd. In a video that has gone viral in the internet, the women were accused of practising sorcery in Southern’s Enga. Police Comm David Manning described the sorcery torture as vile, inhumane, uncivilised, void of any human decency. “Papua New Guinea cannot progress without letting go of these horrific traditional beliefs. We have launched an urgent probe into the incident in Aiya’s Pawayamo village in Kagua-Erave.” The news break was published by The National : Horror torture of women Decem...
Read more