Santos Ltd., PNG Forge Strong Partnership for Economic Growth and Employment Opportunities

Sunday 24 March 2024

Prime Minister Hon. James Marape, acknowledging Santos Ltd’s contributions to Papua New Guinea’s economic growth

 In a significant affirmation of the growing partnership between Papua New Guinea and Santos Ltd. in the hydrocarbon sector, Prime Minister Hon. James Marape has praised the company for its substantial contributions to the nation’s economy and job market.

This acknowledgment came during a landmark week for PNG’s hydrocarbon industry, marked by critical achievements with Santos Ltd., including the Fiscal Stability Agreement signing for the P’nyang LNG Project on March 18, 2024, at Government House and the inauguration of the Santos Global Support Centre on March 20, 2024, at Harbourside East, Port Moresby.

Prime Minister Marape expressed optimism for PNG’s future as an LNG producer for the global market, anticipating at least 40 years of benefits for Papua New Guineans through direct and indirect involvement in the hydrocarbon sector

“With the Fiscal Stability Agreement signing for P’nyang LNG Project this week, Santos now has the largest footprint in all of PNG’s hydrocarbon projects around the country,” Prime Minister Marape stated.

He commended Santos, previously known as Oil Search, for its longstanding partnership, highlighting its pivotal role in the nation’s hydrocarbon achievements and its significant global presence.

Reflecting on the growth of PNG’s economy from less than K10 billion in 1990 to over K100 billion today, largely due to the hydrocarbon industry, Prime Minister Marape acknowledged Santos Ltd.’s role in employing and upskilling local Papua New Guineans, fostering a competitive workforce on the global stage.

 He emphasised the importance of commitment among the workers and praised the inclusive work environment at Santos, noting the visible leadership roles held by women and the youthful dynamism within the company.

Prime Minister Marape also touched on the global energy landscape, recognising hydrocarbons as the current leading energy source, with significant potential in Australasia.

He updated attendees on PNG’s major hydrocarbon projects, including Papua LNG, P’nyang LNG, PNG LNG, and the upcoming Wildebeest project, underscoring the country’s rich hydrocarbon reserves estimated at 20 trillion cubic feet (TCF).

The event was attended by notable figures including Petroleum Minister Hon. Jimmy Maladina, Chairman of the State Negotiating Team Dairi Vele, Kumul Petroleum Holdings Managing Director Wapu Sonk, Minister Counsellor – Australian High Commission Dianne Buckley, and Mineral Resources Development Company Managing Director Augustine Mano, demonstrating the collaborative effort behind PNG’s hydrocarbon success.

This partnership between PNG and Santos Ltd. stands as a beacon of economic and employment growth, heralding a bright future for the nation in the hydrocarbon arena.

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