By Sharon Engnui
Prime Minister James Marape has assured that the US$12 billion Papua LNG Project is on target for Final Investment Decision (FID) and construction in 2024 after his meeting with the Head of TotalEnergies in Paris, France.
This announcement came after a successful meeting with TotalEnergies’ Chairman and CEO, Patrick Jean Pouyanne, marking the conclusion of his three-nation tour encompassing Israel, Indonesia, and France.
Mr. Pouyanne assured Marape that the US$12 billion Papua LNG Project is on course to commence construction next year, following the FID, which is said to constitute a substantial boom to PNG’s economy.
Prime Minister Marape highlighted the historical economic growth generated by the previous LNG project, noting that records show GDP increased from K31.5 billion in 2008 to K47.7 billion in 2013 due to the PNG LNG project and anticipate a similar trajectory for Papua LNG starting from 2024 onwards.”
He announced the significant progress taking place from Front-End Engineering Design to soon be in its construction phase.
“These phases are pivotal as they will create employment opportunities, enhance the skills of local workforce, bolster revenue streams, and contribute to foreign exchange reserves, all in support of PNG’s national economy.” he said.
Expressing gratitude to TotalEnergies and joint venture partners for their dedication to the project, Prime Minister Marape affirmed the government’s unwavering support for the project.
He committed to providing comprehensive support across all sectors to ensure the timely progress of the project, with a target of achieving first gas production in 2027.
Prime Minister Marape declared that government stands fully committed to expediting the process.
