AAP
Papua New Guinea's national executive council has approved the InterOil liquefied natural gas (LNG) project.
"The InterOil-led project will contribute significantly to the economic prosperity of the Gulf Province and Papua New Guinea in general," Prime Minister Sir Michael Somare said in a statement on Thursday.
InterOil is headquartered in Cairns and has offices in Port Moresby and Houston, Texas.
Petromin PNG Holdings, which manages the state's oil and gas projects and falls under the prime minister's jurisdiction, will take up a 22.5 per cent interest in the project.
"I am very pleased that cabinet has given InterOil and Petromin the green light to develop a second LNG project for the country after two years of detailed negotiations between the state and the project developer," Sir Michael said.
The project targets a $7 billion LNG facility capable of producing approximately four million tonnes of LNG per year, a statement from InterOil says.
The first production of liquefied natural gas is expected at the end of 2014 or the beginning of 2015.
3 comments:
PNG Leaders must be crazy. Why not see obe through first and see the other? Are we ready to take two billion dollar projects at the same time?
Where is the man power? where is the infrastructure? Where is the ablity to spend such money? Do the people/ land owners know how to spend the wealth properly?
Excellent, bring them all on. Australia is developing about 15 or 16 LNG projects at the same time. Lets think big and think out of the box, kick corrupt political and bureaucratic ass and get the place we call home properly, systemically and systematically developed,target and minimise all the national libilities listed under the nation's social indicators and make PNGians rise to the next level of universal happy, healthy and wealthy life on the back of wealth and windows of gainful opportunity made possible by the two LNG project -- our citizens should be discouraged to accept the tunnel-visioned view that we as a nation do not have the structures and systems to absorb the potential wealth from the two LNG projects. PNGians must never be encouraged to be passive spectators but be active owners and participants of these types of big projects in their land of milk and honey. No ken daunim yumi yet. Let's develop an aggressive mindset that in the end must result in what's ours is ours and what's developed by others is also for us to gain from, laka?
We are not against LNG developments. Our concern is our abilty to spend the wealth wisely, on education, infrastructure, improve standard of living and so on. Have we got the abilty to save money as well? The projects are happening and it is inevitable, but our concern is to make sure that the good things outweigh the bad things.
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