Prime Minister Hon. James Marape has extended his gratitude towards ExxonMobil, the project co-venturers, and the Western Provincial Government for their collaborative efforts with the National Government, facilitating significant progress in the P’nyang LNG Project. This advancement was marked by the Fiscal Stability Agreement signing today at Government House, Konedobu.

Prime Minister Marape emphasised the importance of today’s signing as a testament to Papua New Guinea’s dedication to fostering increased economic activities and sending a positive signal to investors in the extractive sector. “You were our anchor managing partner in the PNG LNG Project, entering our country through that project in the early part of this millennium. And you fully understand the necessity for our country to benefit more from resource projects, proving yourselves as exemplary partners,” he acknowledged, appreciating ExxonMobil’s commitment.

Tera Shandro, the Chairperson of Esso PNG P’nyang Ltd, highlighted during the ceremony that the signing of the Fiscal Stability Agreement is a landmark achievement for the P’nyang LNG Project. It reflects the Government’s ongoing commitment to the project’s success. “This project is crucial for Papua New Guinea, complementing the PNG LNG and Papua LNG projects. It will utilise our existing facilities at Caution Bay and foster new developments in the Western Province,” Chairperson Shandro said.

Western Province Governor Taboi Awi Yoto, recognising the efforts of ExxonMobil, the National Government, and other stakeholders, noted the significance of the hosting province’s involvement in the Project negotiations, a notable deviation from past practices. “This is unprecedented for provincial governments like ours to participate in the negotiation process of such a critical national resource project. Previously, such discussions were conducted behind closed doors. I extend my gratitude to the Marape-Rosso Government, Petroleum Minister Hon. Jimmy Maladina, ExxonMobil, and all stakeholders for this remarkable accomplishment,” Governor Yoto said.

The signing of the Fiscal Stability Agreement today is a clear indicator of the National Government’s aspiration for the continued realisation of national economic benefits. The agreement between the PNG Government and the P’nyang LNG Project co-venturers, including Esso PNG P’nyang Ltd and Ampolex (PNG) Ltd – both affiliates of ExxonMobil – along with affiliates of Santos and JX Nippon, was  witnessed by the Governor General, Sir Bob Dadae.