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February 26, 2021
Business News

Oil Search praises PNG’s political stability

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Fostering Investments in PNG highlights more certainty for resources companies looking to spend capital on new projects.

This was pointed out by Oil Search Managing Director Peter Botten relating to PNG’s stable government effort.

“Although PNG was a challenging place with risks, there were huge opportunities if a company ‘got it right’,” said Mr Botten.

In comparing PNG with Australia and Britain, he said PNG was in ‘unprecedented’ boom time with a stable government which had aided investment decisions in the region.

Mr Botten said although the country was enjoying resource boom, the company also experienced some difficult years in the region.

Over twenty-years ago, he said it had been almost impossible to get funding to support a PNG project given the level of risks applied to the country; however, this was not the case thanks to the political stability.

Oil Search is PNG's largest oil and gas producer and operates all of the country's producing oil and gas fields. It is also a 29 per cent joint-venture partner in the major PNG liquefied natural gas project, which project manager ExxonMobil revealed last month had been hit with a 21 per cent cost blowout from the previously advised $US19 billion ($18.26bn) figure.

Source: The Australian

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