By JOE GURINA
PAPUA New Guinea government has signed the Fiscal Stability Agreement with Papua LNG project partners this afternoon in Port Moresby to begin the K41 billion Papua LNG project in the Gulf province.
The partners include Total S.E, Exxon Mobil Corporation and Oil Search Limited.
Prime Minister James Marape has appreciated the leadership Total has provided in the Papua LNG project after 22 months of its inaugural agreement signed between the Papua New Guinea government in April 2019.
He made the applauding remarks towards the Papua LNG developer at the agreement signing with the PNG Government and the host provinces Gulf and Central at the Government House today.
“I want to take this time to appreciate the leadership Total has shown in the Papuan LNG project, have remained committed right from day one.’’
He said he has given assurance that “much of the pronouncement that we are doing in the government is prospective going on into the future.”
“Those agreements already secured under legislative frameworks will run its course. And today is a testament that Papua LNG secured under existing regimes in running its full course,’’ Marape said.
“Last night we sat up into the night to making sure that there was harmony in various laws that govern our taxation regime in the country and to ensure this moment has been reached.
“I also appreciate all hands and all range that went behind the scene to ensure this moment is reached. Papua LNG in the detachment from P’nyang will see two trains constructed and these two trains contributing on top of building PNG LNG. PNG LNG’s two train will mean when the two trains of Papua LNG is in production, we will be a four train LNG producing nation with additional capacity in the reserves that we have in our country including P’nyang resource to measure the strength of gas we have,’’ he said.
Petroleum Minister Kerenga Kua said despite the long incubation period from the agreement signed in 2019, it was an opportunity to find the space to join the potential project in P’nyang, with the signed Papua LNG project and combine them together as a joint project.