President of the PNG Chamber of Mines and Petroleum, Anthony Smaré, has applauded the Marape-Basil government, Petroleum Minister, Kerenga Kua, ExxonMobil PNG, and their joint venture partners for agreeing to reengage in negotiations on the P’nyang project in Western Province.
Mr Smaré said, in light of the extremely challenging economic conditions in PNG, the P’nyang and Papua LNG projects are desperately needed to be kick-started to boost the country’s stagnant economy by creating jobs, bringing in foreign exchange and providing opportunities for PNG businesses.
He congratulated the Prime Minister, Minister Kua, the SNT and Exxon Mobil and its partners for restarting these negotiations, and strongly encouraged them to secure a win-win outcome that sees the progress of the P’nyang project in the near term, and in turn helping the country and its people.
In making the announcement of re-engaging in negotiations on P’nyang, on August 20th, Petroleum Minister Kerenga Kua highlighted the economic importance of these two projects alone.
“The benefits of phasing the construction of both Papua and P’nyang projects over an eight year period shall be a substantial boost to the economy and the country.
“This tremendous investment would extend our gas pipeline infrastructure into the country’s Western Province and have a meaningful and lasting economic impact for PNG and its people,” Minister Kua said.
He also announced that there would be a series of workshops regarding the development of the P’nyang Gas Fields, and if these continued unhindered, an expected signing of a P’nyang Heads of Agreement could be expected by end of this month, with a Gas Agreement to follow.
“While there continues to be misinformation on the true impact of resource projects in the country, the government remains fully aware that projects which remain in the pipeline, will not be able to effect much financial benefit, until they are negotiated and commissioned.
“This announcement by government of re-engaging with ExxonMobil PNG and its joint venture partners on the P’nyang project is an extremely positive step in the right direction,” Mr Smaré said.