Over PGK 14 billion has been paid by PNG LNG Project to the State since the start of LNG production, and in 2021 alone, the State earned record revenues from the Project, with over PGK 2.2 billion delivered to the government.
Revenues delivered by the PNG LNG Project include PGK 7.1 billion flowing to Kumul Petroleum Holdings Limited and an estimated PGK 4.5 billion in various taxes paid to the Internal Revenue Commission.
ExxonMobil PNG Managing Director, Peter Larden, stated in a recent report that the revenues and associated benefits from the PNG LNG Project provide the PNG government the opportunity to promote sustainable, long term economic development and are extremely proud of their performance in contributing to the PNG economy.
Larden said since 2014, Exxon Mobil have delivered over PGK 14 billion to the country, including some PGK 4.5 billion in taxes. This includes the April payment of PGK 1 .1 billion in estimated tax for the first four months of 2022 linked to increased global oil prices and sustained volumes. This is one of the largest single tax payments by the PNG LNG Project to date. He said that they are pleased to see this increased revenue going to the State.
Revenues from the PNG LNG Project are delivered through different mechanisms, including corporate and payroll taxes, equity (through State participation), development levy and royalties. As a founding member of the PNG Extractives Industry Transparency Initiative (PNG ElTl), revenues and benefits from the PNG LNG Project as well as the broader petroleum and mining industry are reported and made publicly available.