Prime Minister James Marape has announced that Papua New Guinea is entering a period of sustained economic growth and investment, driven by major resource projects including Papua LNG, Wafi-Golpu, P’nyang, Pasca A and other future petroleum developments expected to come online over the next decade and beyond.
The country’s energy sector remains a key pillar of PNG’s long-term economic strategy and will continue to generate employment, business opportunities, government revenue and broader economic benefits for Papua New Guineans.
Prime Minister Marape said Papua LNG remains one of the country’s most important development priorities and, once it reaches Final Investment Decision (FID), is expected to trigger a continuous pipeline of major energy investments and construction activity across the country.
“These projects will provide long-term construction activity, production opportunities, employment and revenue for Papua New Guinea.”
“We are 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.”
PNG’s economy continues to be supported by major resource developments, particularly in the oil and gas sector, while agriculture and other non-resource sectors continue to contribute strongly to economic growth.
He noted that the non-mining and petroleum sector has recorded growth of approximately four percent, led largely by the agriculture sector where the majority of Papua New Guineans continue to earn their livelihoods.
The Prime Minister said his government remains committed to ensuring resource development delivers greater benefits to the people and that future projects create opportunities for local businesses, landowners and impacted communities.
“Our government is predominantly known for the principle that we are fighting to take back more benefits for our country.”
“This Pangu Administration has made it absolutely clear that we will not compromise on ensuring the State secures around or above 55 percent of the total benefit from our major resource projects.”
“There can be no clearer example than the New Porgera Limited Agreement. The resource sector industry knows very well our vision and where we want to take the country.”
“We want to secure above 55 percent as the total stake for the state.”
He further thanked all resource developers, investors and partners for understanding the government’s position.
“This is being achieved within our existing laws and through good, amicable negotiations that benefit all stakeholders.”
Meanwhile he stated that while his government may not have solved all of the country’s socio-economic challenges during the past seven years, it has remained focused on growing the economy, increasing national participation in resource projects and ensuring the country receives a greater share of the benefits from its natural resources.
He said projects such as the Papua LNG Project in Gulf Province and the WafiGolpu Project in Morobe Province, would generate additional revenue, strengthen foreign exchange reserves and create long-term economic opportunities for Papua New Guineans.
“We get Papua LNG and Wafi-Golpu online and get more revenue into the country to ensure our foreign reserves improve for the government, landowners and developers.”
