PNG Energy Sector looks promising

In light of a good turnout of commodity price in oil and gas internationally, now is a good time for investors to tap into Papua New Guinea's energy sector.

That is the message from PNG  Prime Minister Peter O’Neill when officially launching the inaugural Petroleum and Energy Summit in Port Moresby today.

O’Neill when reflecting on the past few year said things were tough in the sector with income dropping by 80%; however, things have been improving making PNG a suitable place for investment and with the Papua LNG expected to start production sometime between 2021 and 2022, the government is optimistic about the energy sector.

“Today with the improvement in the global economy, the rebound in the commodity prices, we see positive changes taking place but we are not out of the dark yet, but there is light at the end,” the prime minister said.

Meanwhile, Petroleum and Energy Minister Nixon Duban assured current and potential investors that the government stands ready to work in partnership with them in developing the sector.

The three days summit has attracted over 200 participants, including delegates from Japanese gas companies who were at the summit this morning to highlight the market demand for gas in Japan and as well as the Asian region.

Pictures: the highlight of Day 1 of the Petroleum and Energy Summit at the Stanley Hotel in Port Moresby. PNGFM/ PNG Today