The Government will be committed and focused on six major resource projects currently being undertaken in Papua New Guinea.
Prime Minister Hon. James Marape said the projects are, the Papua LNG Project, New Porgera Mine, Wafi-Golpu Mine, P’nyang LNG, Pasca LNG and Pandora LNG.
“These big five projects apart from Papua LNG project, remain our focus, but more importantly in the medium term going forward to ensure our economy is strong.”
Mr Marape made these remarks when supporting Minister for Treasury , Ian Ling-Stuckey, on the ‘2020 Final Budget Outcomes (FBO) and 2021 Mid-Year Fiscal and Economic Outlook (MYEFO) and the Way Forward’.
“This is more than the previous O’Neill regime which had only delivered the Papua LNG Project to its name.”
“We are working very hard, and in just two years, we are discussing Papua to ensure that it takes off.”.
PM Marape said the Papua LNG Project was going into FEED in 2022, and FID by 2023, and construction to start in 2024 or 2025.
“I appreciate what the Petroleum Minister, Hon. Kerenga Kua, is doing now by trying to squeeze a little more in the area of local content, so that we get a bit more on top of what was already signed,” he said.
“I thank the former government, which left our gain at 51 per cent.”
PM Marape said his Government was pushing for more than 50 per cent stake in P’nyang, Pasca, Pandora and any other new LNG projects.
He said this was the same at mining projects.
“We’re trying to push for a gain at Wafi-Golpu and Porgera with a return of above 55 per cent. We will not come below 52 per cent.”
The Prime Minister said his Government had settled for 53 per cent over the long term for Porgera mine, with the first five years being 65 per cent.
“We have to make these tough calls to ensure that we anchor our economy correctly, not just for today but for the next generation.”sed