​PNGEITI commends ExxonMobil

The Papua New Guinea Extractive Industries Transparency Initiative (PNGEITI) National Secretariat has applauded ExxonMobil (PNG) for keeping the public informed of its operations.

PNG EITI Head of Secretariat, Lucas Alkan, citing media reports last week that 300 shipment of Liquefied Natural Gas (LNG) cargoes have been made so far, said it was pleasing to note the company disclosing such information so that the public can be kept informed.

This is three years after the first shipment left on May 25, 2014.

Operations last year produced 7.9 million tons of LNG – an increase of 14 percent from the original design specification of 6.9 million tons per annum (mta).

Over the next 30 years, it is estimated that the project will produce more than 11 trillion cubic feet of LNG. The estimated value of each LNG shipment was said to be between US$48 million (K151.4 million) and US$50 million (K157.7 million).

“ExxonMobil is a member of the Multi Stakeholder Group (MSG), the body that oversees what we do as a country towards achieving EITI global best practice in terms of reporting on how we manage our petroleum and mineral wealth,” Alkan said.

“It is pleasing to note that ExxonMobil (PNG) from time to time is giving updates on how many LNG cargoes are leaving our shores.

“I’ve seen that the Exxon team is media friendly and we are grateful for that, particularly when PNG’s EITI candidate status is validated early next year (2018) by the EITI International Secretariat to determine whether we have met or are making meaningful progress in meeting the global best practice to be a fully pledged member country.

“The EITI is an international organisation that seeks to promote accountability and transparency around the management of petroleum and mineral wealth,” Alkan stated.

“On the same note, let me put it on record that we are satisfied at the progress made to date in implementing the EITI concept in the country and acknowledge the strong commitment demonstrated by the MSG members in driving this initiative.

“I also note with interest the positive relationship that has been forged at the MSG level that had contributed to open dialogue, improved engagement, better communications, increased information sharing and trust building between the State, the industry and citizens.

“I view this collaboration as an important step in addressing the challenges facing the extractive sector going forward,” Alkan said.

ExxonMobil (PNG) is the operator of the PNG LNG, worth US$19 billion – the single biggest investment to date in the history of PNG.

(Picture: LNG World News)

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Press release