Managing Director Philippe Blanchard said they (Total) had made a commitment that their schedule is on time and they will make a final investment decision in 2018 and production around 2022 and 2023.
He said they are committed and will deliver the project.
Meanwhile, Minister for Petroleum and Energy, Nixon Philip Duban said the Government is standing firm with Total E&P PNG to ensure it meets its target in developing and delivering the Papua LNG project in the Gulf province as scheduled.
“We are looking at a very prospective commitment from a company that is taking a risk in announcing a detail schedule during the declining oil prices,” Duban said.
This, he said is a clear confidence the company has in the current Government and is an indication that PNG is the investment destination.
He further said that the Government has accepted Total as the developer and operator of Papua LNG and Exxon Mobil’s bid is purely on their commercial necessity.
“Mergers, amalgamations and acquisitions are normal business practices geared towards market conditions and rightsizing.”
“Our biggest success stories in the LNG business is that we have two giants operating in PNG with a lot of synergies and state must be seen to support their investment drive tailored to meet the changing market demands and create economies of scale,” Duban said.
Picture source: shareholdersunite.com