03-05-2012, 06:50 PM
Looks like the PNG government is counting on IOC to deliver in 2014. It sure would help speed up the process if they gave InterOil a petroleum export license.
http://pngindustrynews.net/storyview.asp?storyid=3201124§ionsource=s0
Monday, 5 March 2012
PRIME Minister Peter O’Neill expects the initial deposit into Papua New Guinea’s sovereign wealth fund will be 100 billion kina ($A43.8 billion) according to a recent report.
The SWF has long been discussed as a vehicle for managing windfall government revenues from when the ExxonMobil-led PNG LNG project starts first exports in 2014.
But in an interview with the Post-Courier, O’Neill revealed the K100 billion level will also be reached due to government revenue from a second LNG project.
InterOil’s Gulf LNG project in onshore Gulf province has long been the second LNG project on the cards in PNG and is also targeting first exports in 2014.
In what is shaping up to be another possibility, Talisman Energy’s recent partnership with Mitsubishi could also result in another LNG project based on the emerging gas resources of Western Province – a region that also involves Horizon Oil, Eaglewood Energy, New Guinea Energy and Kina Petroleum.
Parliament recently passed the bill to establish the SWF with the second reading passing with a score of 78-0 – well above the 73 votes required for such an important piece of legislation.
Promoters of the sovereign wealth fund approach believe it will help PNG avoid the symptoms of Dutch Disease, also known as the “resource curse”.
PNGIndustryNews.net understands the SWF might also be strategically used to try and minimise inflation in PNG – which has reached astronomical levels over passed years.
http://pngindustrynews.net/storyview.asp?storyid=3201124§ionsource=s0
Monday, 5 March 2012
PRIME Minister Peter O’Neill expects the initial deposit into Papua New Guinea’s sovereign wealth fund will be 100 billion kina ($A43.8 billion) according to a recent report.
The SWF has long been discussed as a vehicle for managing windfall government revenues from when the ExxonMobil-led PNG LNG project starts first exports in 2014.
But in an interview with the Post-Courier, O’Neill revealed the K100 billion level will also be reached due to government revenue from a second LNG project.
InterOil’s Gulf LNG project in onshore Gulf province has long been the second LNG project on the cards in PNG and is also targeting first exports in 2014.
In what is shaping up to be another possibility, Talisman Energy’s recent partnership with Mitsubishi could also result in another LNG project based on the emerging gas resources of Western Province – a region that also involves Horizon Oil, Eaglewood Energy, New Guinea Energy and Kina Petroleum.
Parliament recently passed the bill to establish the SWF with the second reading passing with a score of 78-0 – well above the 73 votes required for such an important piece of legislation.
Promoters of the sovereign wealth fund approach believe it will help PNG avoid the symptoms of Dutch Disease, also known as the “resource curse”.
PNGIndustryNews.net understands the SWF might also be strategically used to try and minimise inflation in PNG – which has reached astronomical levels over passed years.
"And maybe someday we will find , that it wasn't really wasted time"
