PNG LNG Project is the largest single development in the history of
Papua New Guinea, and the Pacific. The Project will see ExxonMobil and
its joint venture partners, Oil Search, Santos, JX Nippon Oil and
Energy, and the PNG Government, arrange for the extraction of the large
gas resources deep underground in the country’s Southern Highlands, and
their shipment by pipeline from the newly-created Hela Province, to
Caution Bay near Port Moresby, where they will be liquefied and sold to
energy-hungry buyers in East Asia. The Project is expected to generate
as much as $US 30 billion in tax, levy and royalty receipts to the PNG
Government over the 30 years that the gas will flow.
This Report is the most complete discussion to date of the potential risks and benefits of the Project to the people of PNG; it argues that, contrary to the official discourse, there are serious risks that the revenues generated by the project will not mitigate the negative economic and social impacts of the Project. In fact, it is very likely that the Project will exacerbate poverty, increase corruption and lead to more violence in the country.
Pipe Dreams also discusses the nature and the implications of the Australian Government’s financial and institutional support of the PNG LNG Project, continuing Jubilee Australia’s investigation of Australia’s export credit arrangements first revealed in the 2009 report, Risky Business.
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