BY MIRIAM MALAWA
PETROLEUM Minister Kerega Kua says the Papua LNG Project will bring in equivalent of K500 million worth of forex this year.
He announced this in a media conference last Thursday.
The Minister said the project will bring numerous benefits including boosting foreign exchange reserves.
“As Papua New Guinea struggles with forex shortages, this project is expected to significantly alleviate the issue.”
Kua also emphasized a unique aspect of the project, which will mitigate its carbon footprint.
The Papua LNG Project is set to become the first in the Asia Pacific region and the second in the world to re-inject carbon dioxide back into the well pad.
“Currently, carbon dioxide is released into the air, contributing to pollution. However, expenses will be incurred to pump the Co2 back into the well pads to mitigate this issue,” Minister Kua said.
He said the re-injection of carbon dioxide into the well pad is a significant step towards reducing the project’s carbon footprint.
It will help to mitigate the environmental impact of the project and contribute to Papua New Guinea’s efforts to combat climate change.
He added that Papua LNG Project is expected to have a positive impact on both the economy and the environment.
He said in addition to the boost in foreign exchange reserves, the project is expected to create jobs and provide opportunities for local businesses.
The Papua LNG Project is a joint venture between the Papua New Guinea government, TotalEnergies, and ExxonMobil.
It is one of the largest investments in the country’s history and is expected to generate significant revenue for PNG.
