Without changing any laws or using proposed new laws, the Government is getting far superior deals based on its policy-based negotiations with investors.
Prime Minister James Marape made these remarks when announcing an achievable outcome from the State Negotiation Team on the Pasca A Offshore Project in Gulf.
The PM has praised the State Negotiating Team led by Minister for Petroleum, Kerenga Kua for securing 55 per cent benefits package in the Pasca A Offshore project.
He added that without changing any laws or using proposed new laws, the SNT team have proven that PNG is mature to make decisions that will benefit its people.
“This outcome was achieved because we made a defining policy shift to take back a greater share of the benefits of our resources consistent with the take back PNG philosophy.
“The more we take back for our landowners and stakeholders, we can ensure project social license and security, and we are able to share more for the provincial governments and the rest of the country,” PM Marape said.
He said the last agreement any government has secured, stopped at 51 per cent project economic gains to PNG for the Papua LNG project by the former government.
“My Government has established the SNT for P’nyang and will be commencing talks with ExxonMobil and its partners later this month both here and Houston to progress this project.”
PM Marape further clarified that for Golpu, the Government has cleared the Term Sheets, and it is expected that parties will convene this month to establish negotiation pathways with all stakeholders.