PNG Eyes Economic Growth Through Major LNG and Mining Projects

 Papua New Guinea is preparing for what the Government describes as a long period of economic expansion as major resource projects move closer to development.

Prime Minister James Marape says the Papua LNG project in Gulf Province and the Wafi-Golpu project in Morobe Province are among several large investments expected to improve foreign currency inflows, create jobs and stimulate business activity across the country.

Prime Minister James Marape

Mr Marape said projects such as P’nyang and Pasca A would also contribute to the nation’s economic outlook over the coming years.

He said the energy and mining sectors remained central to the Government’s development plans and were expected to deliver revenue, employment and broader economic opportunities for Papua New Guineans.

The Prime Minister said Papua LNG was a major national priority and would attract extensive construction work and investment once it achieved Final Investment Decision status.

He said the country could expect continued activity in the resource sector over the next 10 to 15 years, with benefits extending beyond construction into long-term production.

Mr Marape also noted that sectors outside mining and petroleum were continuing to grow, especially agriculture, which supports the majority of the population.

He reiterated that the Government intended to secure a greater share of benefits from resource developments for the State and its people.

“We get Papua LNG and Wafi-Golpu online and get more revenue into the country and ensure our foreign reserves improve for the Government, landowners and developers,” he said.

“These projects will provide long-term construction activity, production opportunities, employment and revenue for Papua New Guinea.

“We’re looking at the next 10 to 15 years as a period of sustained energy sector activity, not only in construction but also in long-term production and economic growth.

“We will not compromise on ensuring the State secures around or above 55 per cent of the total benefit from our major resource projects.

“There can be no clearer example than the New Porgera Limited agreement.”