O’Neill: PNG secure for investments

PAPUA New Guinea remains a sound and secure nation in which to invest and to do business, Prime Minister Peter O’Neill told the PNG Mining and Petroleum conference underway in Sydney, Australia. "With our first LNG project we have the runs on the board – and more runs are being scored as we meet today," Mr O’Neill said.

"We can and we must build on our success – and we cannot do it without high level of quality overseas investment, foreign management and expertise. "PNG will enjoy record GDP growth in 2015," he told the conference participants.

"That will be a major achievement – but it will be much less of an achievement if we do not build on it. "We want to further those potential projects in 2015 – and a real focus on downstream processing.

"We want to add value to the development of our petroleum sector. We also want domestic gas development to help the government meet its objectives to deliver affordable energy to our people, and especially our rural majority, and to our businesses and industry as well.

"We need to move to the next stages of the development of our vast petroleum resources. "I welcome the statement by the partners in the Elk-Antelope gas field project in the Gulf Province outlining their confidence in the project and highlighting just how massive it will be," he said.

"The Government is keen to move this project forward with train three – we expect the proponents to realise the aspirations of the Government in the coming months. "Our experience in negotiating and helping to implement the PNG LNG Project will be invaluable," he said.

"As many of you know, there are other gas projects on the horizon as well – some are stranded projects, with special needs. We have had some positive discussion with some of the resource development companies and I expect some progress in the months ahead," he said.

"That is where you and your colleagues come into play. "I invite you to come into PNG and help us in building a strong, secure and harmonious PNG, and in sharing the benefits that will bring to your businesses, as well as our seven million Papua New Guinean men, women and children."