ExxonMobil PNG Limited, operator of the PNG LNG Project, was honored to lend its voice to calls for increased investment in PNG at this week’s inaugural Papua New Guinea – Asia Investment Conference held on the16th to the 17th of October in Hong Kong.
“As an investor with more than a century of experience in the Papua New Guinea, ExxonMobil can speak directly to what the country and its people have to offer towards building a thriving business,” shared Tera Shandro, Chairperson and Managing Director at ExxonMobil PNG.
Ms Shandro joined the fellow panelists to discuss how PNG is powering Asian growth through the supply of energy and other exports.
“The PNG LNG Project remains the largest single business investment in Papua New Guinea’s history, launched a new industry and has helped Papua New Guinea to grow its reputation in Asia as a trusted and efficient energy supplier. Since production commenced in 2014, it has also delivered more than PGK22 billion back to the State and its landowners.”
“With the support of stakeholders including the PNG Government, our venture partners, landowners, landowner companies, and local businesses we have not only developed Papua New Guinea’s foundation LNG project, but also a robust pipeline of potential future investments.”
She said ExxonMobil’s Outlook for Energy predicts by 2050 the world’s population will increase by 25 percent, rising by around 2 billion people, and to meet this demand, natural gas will play a critical role thanks to its abundance, low cost, and ability to reduce emissions.
“Asian markets are expected to remain core natural gas customers that will continue to turn to Papua New Guinea for decades to come because of its geographical location, high-quality resources, and efficient operating facilities.”
“We have been in Papua New Guinea for 101 years and when we reflect on the past century, we are proud of the legacy we are building, the partnerships that we have created, and we are energized about the potential of future developments in the country. When you invest in Papua New Guinea, you are not just making a business transaction, you are cementing a partnership that promotes mutual benefits,” Shandro added.
