Prime Minister, James Marape today announced the signing of the Fiscal Stability Agreement (FSA) between the Independent State of Papua New Guinea and the Papua LNG Project coventurers: the affiliates of Total S.E, Exxon Mobil Corporation and Oil Search Limited.
The signing marks a milestone for the PNG government as it gives full effect to the Papua LNG Gas Agreement signed in April 2019.
The signing demonstrates Papua New Guinea’s commitment to the Papua LNG Project and is encouraging developers to progress with the project.
PM Marape confirmed today that the Papua LNG Project will go ahead as a two train project, independent of the P’nyang project. This now, allows focused development of the Elk Antelope gas fields located near the Purari river in the Gulf Province, about 360 kilometres northwest of Port Moresby.
A two-train facility with be built for the Papua LNG project within existing PNG LNG facilities at Caution Bay in the Central Province and will still be able to leverage multiple technical synergies.
These are great outcomes for all stakeholders involved but more so for the PNG National Government.
Total’s Senior Vice President, Javier Rielo, was absent during the signing due to COVID-19 restrictions however, he pleased with the discussions with PM, Marape and Petroleum Minister, Kerenga Kua.
PM, Marape is pleased with the signing and says this move serves to show the people of Papua New Guinea the intentions of the PNG government is to ensure important national investment programs going forward.