ExxonMobil Senior Vice President of Global LNG, Mr. Peter Clarke, recently shared his insights on the success of Papua New Guinea’s liquefied natural gas industry and the bright opportunities ahead as a keynote speaker at Kumul Petroleum Holding Limited’s Petroleum and Energy Conference held in Port Moresby.
“Papua New Guinea is truly well-positioned for the future -- one where LNG will have an even larger presence in the global energy mix,” said Mr. Clarke.
“With proximity to market and high-quality resources, PNG can continue supporting regional demand for decades to come, with Asia Pacific countries set to be core natural gas customers, and in the process help these countries meet their energy security and emissions reduction goals,” he added.
Through the PNG LNG Project, Papua New Guinea has demonstrated the ability to deliver reliable supply to customers, Clarke said.
“When the first shipment of Papua New Guinea’s LNG set sail on the ‘Spirit of Hela’ to Japan in 2014, and PNG entered an esteemed club of LNG exporting nations, no one could have foretold what the future would bring. But with the benefit of 10 years of hindsight, I can confidently say that through the strength of our partnerships, we have exceeded all expectations -- and together, we have firmly established Papua New Guinea’s global reputation for excellence in the LNG industry,” Clarke said.
“In just its first decade of operations, the PNG LNG Project has generated tens of thousands of jobs and strengthened PNG’s economy. It has engaged 155 local businesses, including 10 LANCOs in the production phase, and invested 6.8 billion kina in PNG with these businesses,” Clarke said.
“And along the way, we have helped to deliver more than 27 billion kina back to the State of Papua New Guinea and its people.”
ExxonMobil and its co-venturers’ investments in the country continue today, with multiple works currently underway to bring new volumes online and further strengthen PNG LNG’s production levels, Clarke said.
“We are also pleased to announce that the P’nyang LNG co-venturers are currently progressing its concept evaluation phase. This phase is critical to ensure that the design to develop this proven 4.6 TCF resource is as capitally efficient as possible which is particularly important given P’nyang’s remote location,” he added.
“Thanks to our close partnerships with the national and provincial and governments, our co-venturers including Mineral Resource Development Company and Kumul Petroleum Holdings Limited, TotalEnergies, Santos and JX Nippon, our LANCOs, local communities and landowner leaders and other business partners -- we are incredibly excited for LNG’s next decade and beyond in Papua New Guinea,” he added.
“Together, we have built a resilient, successful and globally respected LNG industry in PNG.”
