PRIME Minister Hon. James Marape has welcomed the unanimous passage of four key legislative amendment bills by National Parliament on Thursday, describing it as a major milestone towards unlocking an estimated US$14.5 billion in foreign direct investment through the Papua LNG Project.
Prime Minister Marape said the achievement was particularly significant at a time when global investment conditions remained challenging and countries were competing intensely for international capital.
“At a time when global investment is increasingly difficult to attract, Papua New Guinea is positioning itself to secure US$14.5 billion in foreign direct investment,” Prime Minister Marape said.
“This is a major milestone for our country and reflects years of hard work, negotiations and commitment to bringing Papua LNG into development.”
The Prime Minister commended Petroleum Minister Hon. Jimmy Maladina for steering the four bills through Parliament and thanked all Members of Parliament for their unanimous support.
The bills passed were:
- Income Tax (Amendment) Bill 2026;
- Resource Contracts Fiscal Stabilization (Amendment) Bill 2026;
- Oil and Gas (Amendment) Bill 2026; and
- Stamp Duties (Amendment) Bill 2026.
Prime Minister Marape paid tribute to successive political leaders, the State Negotiating Team, relevant government departments and agencies, provincial leaders, landowners and all stakeholders who had supported the project.
He particularly acknowledged TotalEnergies Chairman and CEO Patrick Pouyanné, ExxonMobil Chairman and CEO Darren Woods, and project partners Kumul Petroleum Holdings Limited and Mineral Resources Development Company.
“This achievement belongs to everyone who has worked tirelessly to bring Papua LNG to this stage, including successive governments, our development partners and our people,” he said.
“I commend all leaders and stakeholders for their patience, determination and commitment to this major national undertaking.”
Prime Minister Marape said the legislative amendments gave effect to negotiated fiscal arrangements designed to support investment while protecting Papua New Guinea’s long-term interests.
He emphasised that the Government had not agreed to permanent reductions in headline corporate income tax or production levy rates.
Instead, a price-linked benefit-sharing mechanism, with a neutral benchmark of US$81 per barrel, provides temporary support when oil prices are low and an additional premium to the State when prices strengthen.
The incentive and premium are separately capped at US$1.95 billion each.
The Government also secured additional PNG LNG benefits, including improved royalty calculations, domestic gas pricing arrangements, discounted gas for community power generation at Caution Bay, and an option to acquire an additional 2.5 per cent participating interest in Papua LNG.
Prime Minister Marape stressed that landowner, provincial government and local-level government royalty and development levy entitlements remained fully protected.
“Our Government has worked hard to strike the right balance between attracting major international investment and protecting the interests of Papua New Guinea,” he said.
“The anticipated US$14.5 billion investment will create significant opportunities for employment, local businesses, infrastructure development and economic growth, particularly for Gulf and Central provinces.”
Prime Minister Marape reaffirmed the Government’s commitment to progressing Papua LNG towards a Final Investment Decision.
“With Parliament unanimously supporting these four bills, we have taken another major step forward,” he said.
“We have worked hard to reach this point. We must now maintain momentum and ensure Papua LNG delivers lasting benefits for our people and future generations.”