Total E&P PNG

This is to ensure the state does not borrow to purchase equity in a project.

“The initial understanding we have with the second LNG and in particular Wafi-Golpu is that our participation in equity will be carried by the developer until the first export of either the gold and copper from Wafi-Golpu or in the second LNG Project, meaning we don’t have to borrow large sums of money that we are unable to repay.

This is to negotiate a gas agreement for the Papua LNG Project.

The signing took place this morning in Port Moresby before the opening of the APEC CEO Summit.

Present at the signing was Prime Minster Peter O’Neill, ExxonMobil PNG Managing Director, Andrew Barry, Oil Search Limited MD, Peter Botten and Total Chairman and CEO, Patrick Pouyanné.

The MOU signed today is another step closer to the realisation of the Papua LNG Project in the Gulf Province.

In a Q&A with Business Advantage PNG, Managing Director, Phillipe Blanchard, says currently local labour and companies are engaged in logistical and drilling activities.

He said the project is already benefiting local opportunities in logisitics and drilling activities. And once full construction starts, which is expected in 2019, more locals and business will benefit.

Total has between 140 and 150 staff based in Port Moresby and PRL 15.

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.