PNG needs stability, says Botten

Political stability is crucial for PNG in terms of investment, especially during this period of drop in world oil prices, Oil Search Ltd managing director Peter Botten says. 

Botten  made the appeal to Members of Parliament and heads of statutory authorities who gathered in Port Moresby for the one-day Leaders’ Summit yesterday. 

He said it was important for the country as it was now recognized as a global player in the LNG market and the country’s image was important.

“Political stability is a crucial point when painting the world, painting the oil and gas sector,” he said. 

“It’s very, very important to operate under political stability so that we can move these major projects (LNG project and other two soon to be developed) forward.

“We need to be in the market selling the gas and that comes down to confidence that things are happening well in PNG. We (Oil Search Ltd) believe it will be competitive in the LNG market in the future but there are a lot of confident statements from the PNG LNG to attract a lot of customers.

“Government and private sector should work together, closer than ever before to address some of the major issues – the social and the broader issues. 

“We need your help and we think you need ours and we will try and be part of the solution. And above all, maintain and operate on political stability, please,” Botten said.  

Prime Minister Peter O’Neill said political instability remained a real risk for the country’s economy and continued development.

“Instability it is a distraction from the challenges we have and opportunities that lie before us,” he said. 

PNG Today/ The National