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December 2, 2021
News

Chamber applauds P’nyang Heads of Agreement signings

The PNG Chamber of Mines and Petroleum has applauded the signing of
Heads of Agreements for the P’nyang Gas project.
Chamber President, Anthony Smaré, stated “Our country desperately needs new gas and
mining projects to bring in foreign exchange, create thousands of jobs, create significant
business opportunities for PNG SMEs that desperately need them, and generate additional
revenue for the State to fund important government services.
“The signing of the heads of agreement after a successful negotiation between the PNG
Government and Exxon Mobil earlier this week in Houston USA was an important first step in
the finalization of the necessary agreements to pave the way for the construction of the
P’nyang Project”.
“It is pleasing to see the positive and constructive manner in which the Prime Minister and
his team approached the negotiation with the developers, and the win-win outcome that
was secured for the country. As the Prime Minister stated, it is also important to note that
the State was able to secure these advantageous economic benefits via a commercial
negotiation with Exxon Mobil under the current resource sector laws – this win-win outcome
was achieved without changing any laws”.
“The signing of these HOAs signal a continued push in the right direction of returning
stability to the resource investor climate and led by Exxon Mobil and its partners committing
to the project, and agreeing with the government on its expectations. It will help retain and
build investor confidence in the country’s existing resource laws, amongst other potential
developers across the globe,” he said. “I extend my congratulations also to the state entities
Kumul Petroleum and Mineral Resources Development Corporation and Petroleum Minister
Kerenga Kua and Gulf Governor Chris Haiveta who all played leading roles in the
negotiations”.
“The global energy market is moving through a period of transition, away from fossil fuels,
and into renewable energy. PNG is facing a risk that if it doesn’t convert the opportunities
to develop its gas resources now, it will lose that opportunity forever, and the present
generation of Papua New Guineans will pay the price in lost income, education, and health
outcomes. That is why the successful P’nyang heads of agreement negotiations were
significant.”

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