Minister for Petroleum, Jimmy Maladina, has reaffirmed the State’s confidence in the progress of the Papua LNG Project following meetings in Singapore between the State Team and TotalEnergies Senior Leadership Team.
This follows from the meeting in Davos, Switzerland between Prime Minister James Marape and Chairman and Chief Executive Officer of TotalEnergies, Mr Patrick Pouyanné.
Minister Maladina acknowledged recent commentary within industry circles regarding the projects timeline and noted that the State’s direct engagements with the project leadership provided clarity and reassurance on alignment and forward momentum.
Minister Maladina said: “The State team and myself have met extensively with senior management team of TotalEnergies, and I am satisfied with the level of commitment and engagement around the Papua LNG Project. The project remains on track and discussions were constructive and focused on delivery.”
The Minister noted that the State’s remaining actions towards Final Investment Decision (“FID”) are well understood and progressing through the established institutional channels.
“From the State’s side, the priorities are clear. The National Petroleum Authority will complete the Development Forum and move the necessary licensing processes forward. These are part of the statutory requirements and work is underway.” Minister Maladina said.
He added that Kumul Petroleum Holdings Limited continues to engage professionally with the operator on outstanding commercial matters relating to past costs and the establishment of the joint marketing company which are both crucial to achieving FID.
The Minister further stated that the Government remains focused on meeting its commitments and expects the same discipline across all relevant State entities involved in the project process.
In closing, Minister Maladina stated that the State Team and his engagements in Singapore reinforced confidence in the strength of the partnership between Papua New Guinea and its project partners and provided reassurance on the project’s trajectory.
“The message to industry and investors is straightforward. The Papua LNG Project is progressing. Engagement between the State and its partners remains constructive, and we continue to work towards FID this year.” The Minister concluded.