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Газ Папуа-Новой Гвинеи ( газ ПНГ ) является экспортером сжиженного природного газа (СПГ) в Папуа-Новой Гвинее с 2014 года. [1] Сектор СПГ играет важную роль в экономике PNG: стоимость экспорта СПГ в 2017 году оценивалась в составит 3,6 млрд долларов США, а ВВП [2] оценивается в 20,5 млрд долларов США. В мировом масштабе PNG является второстепенным производителем. В 2017 году PNG заняла 17-е место в списке стран-экспортеров; его экспорт составил 1,5% от общего объема экспорта СПГ в мире. [3] В PNG есть пять проектов СПГ; только проект Hidesполностью работоспособен. Между правительством ПНГ и консорциумом компаний было заключено соглашение о разработке второго проекта: месторождения «Лось / Антилопа». Эти компании сотрудничают в рамках проекта «Папуа-СПГ». Разработка третьего проекта, «Пнянское газовое месторождение», находится на продвинутой стадии планирования. Четвертый разрабатываемый СПГ-проект - месторождение «Вестерн Газ». Пятое газовое месторождение Гаска расположено на шельфе. Выгоды от разработки СПГ для страны - вопрос спорный. Участие правительства в проектах вызывает споры и является доминирующей темой в политике PNG в последнее десятилетие. Это стало главной проблемой в событиях, приведших к отставке Питера О'Нила с поста премьер-министра.

PNG / СПГ [ править ]

Газовое месторождение Шкуры является основным полем управляет PNG-СПГ , который был открыт в 1987 году BP , который продал его в масло Поиск компании. Первоначально идея заключалась в транспортировке газа по трубопроводу в Австралию. Chevron была крупной компанией, работающей на ископаемом топливе, которая продвигала ее вперед. Он был близок к стадии производства, но в 2007 году проект был свернут после того, как австралийские клиенты вышли из условных соглашений о продаже. [4] В настоящее время Австралия экспортирует СПГ во много раз больше, чем PNG, и этот проект больше не будет представлять интереса для этого рынка. В 2008 году ExxonMobil взяла на себя руководство разработкой газового проекта на газовом месторождении Hides.экспортировать СПГ на азиатский рынок. Проект был завершен в 2014 году после быстрого завершения этапов планирования и строительства: [5]

  • 2008 (а) : Сотрудничающие партнеры пришли к соглашению. Доли в СПГ / PNG распределены следующим образом: Exxon Mobil (32,2%); Oil Search Ltd. (29%); Холдинги Kumul Petroleum, представляющие правительство PNG) (16,2%) Santos Limited (13,5 %%); Компания по развитию минеральных ресурсов (MRDC), представляющая землевладельцев (2,8%): JXTG Nippon Oil & Energy (4,7%) [6]
  • 2008 (b) : Финансовая и правовая среда была создана посредством газового соглашения между участвующими партнерами: ExxonMobil; Oil Search, Santos, Nippon Oil. IPBC , MRDC и правительство PNG. Он также заложил предлагаемую долю участия государства в проекте.
  • 2008 (c) : ExxonMobil заказала исследование воздействия на экономику австралийской консалтинговой фирмы Acil / Tasman, ныне ACIL Allen Consulting . Он обозначил многие положительные эффекты проекта для PNG. [7]
  • 2008 (d) : В конце года был достигнут этап FEED (Front End Engineering and Design).
  • 2009 (а) : В октябре было достигнуто соглашение о воздействии на окружающую среду с правительством PNG. Заявление о воздействии на окружающую среду было основано на 16 исследованиях.
  • 2009 (b) : Окончательное соглашение между партнерами, открывающее путь к производству.
  • 2010 : Заключены соглашения о продажах и маркетинге с четырьмя основными клиентами: JERA (для Токийской электроэнергетической компании); Osaka Gas , Sinopec (Китайская нефтехимическая корпорация); CPC Corporation, Тайвань [8]
  • 2011 : Финансовые договоренности с кредиторами по проекту завершены. Проект был сильно ориентирован. Ссудный капитал (14 миллиардов долларов США) был намного больше, чем уставный капитал (3,3 миллиарда долларов США) [9] Эти ссуды были получены в первую очередь от экспортных кредитных агентств и, следовательно, были гарантированы государством (8,3 миллиарда долларов США). Вторыми были коммерческие банки. источник заемного капитала (1,95 миллиарда долларов США) a В-третьих, компания Exxon Mobil, реализующая проект, предоставила ссуду (3,95 миллиарда долларов США). [10]
  • 2009-2014 : Строительство проекта СПГ состояло из определенного количества подпроектов. Проект обслуживается семью газовыми месторождениями; Основное месторождение - газовое месторождение Хидес в провинции Хела . Потребовалось пробурить восемь скважин глубиной 3600 метров. В Хидесе построили газоперерабатывающий завод, где газ отделяют от нефти и воды. Затем газ транспортируется на побережье для транспортировки, для чего потребовался трубопровод протяженностью 450 км до устья реки Омати . Этот трубопровод был продлен под водой на 407 км до залива Остин, недалеко от завода по переработке СПГ в Порт-Морсби.. В Caution Bay газ охлаждается до -161 ° C для сжижения для транспортировки. Были построены два перерабатывающих завода - поезда. Кроме того, были построены два огромных резервуара для хранения. Построен причал для отгрузки танкеров СПГ. На газовом месторождении Hides добывается смесь нефти и газа (конденсат). Нефть отделяется на высокогорье и транспортируется по отдельному трубопроводу к перегрузочным сооружениям Oil Search для нефтяного месторождения на озере Кутубу : морского терминала Кумул в провинции Персидский залив . Строительство этих проектов велось в чрезвычайно сложной местности, состоящей либо из очень крутых горных хребтов в высокогорье, либо из болот у побережья. В рамках проекта Hides построили специальную длинную взлетно-посадочную полосу, которая могла принять Антонов Ан-225 Мрия.- самые большие грузовые самолеты в мире - для перевозки материалов, поскольку автомобильный транспорт с этим не справился. [11] [12] [13] Oil Search приобрела контракт на управление установками Hides, а Exxon Mobil управляла установками в Caution Bay.

Достижения проекта [ править ]

Строительство ПНГ / СПГ - крупное инженерное достижение: это был масштабный проект в труднопроходимой местности. В 2014 году проект был завершен с опережением графика, хотя превышение расходов составило 3,3 миллиарда долларов США. [14] [15]

Проект потребовал от жителей ПНГ обширного обучения: 10 000 человек на время строительства. После завершения строительства в проекте было задействовано 2600 граждан, что составляло 82 процента рабочей силы; 22 процента составляли женщины. [16]

Проект дал сверхплановую мощность: ожидалось, что он будет производить 6,9 млн тонн СПГ в год, но фактическая средняя производительность составила 8 млн тонн в год. В 2017 году добыча составила 8,3 млн тонн. Он снизился до 7,5 млн тонн в 2018 году из-за остановки электростанций в результате землетрясения. Завод возобновил работу через 8 недель. По самым высоким месячным оценкам объем производства может вырасти до 9,2 млн тонн.

Проект недорогой продюсер. Согласно анализу консалтинговой фирмы Wood Mackenzie and Credit Suisse , цена безубыточности проекта в размере около 7,40 долларов за миллион British Thermal Units лучше, чем в среднем более 10 долларов за миллион британских тепловых единиц для восьми недавних газовых проектов в регионе. [17]

Проект сосредоточен не только на крупном газовом месторождении Hides. Проектный газ поступает с семи месторождений: газовые месторождения Хидес, Ангоре и Джуха, а также нефтяные месторождения Кутубу, Агого, Моран и Гобе Main, обеспечивающие примерно 20% газа по проекту СПГ ПНГ. Газ также закупается у третьих лиц на месторождении SE Gobe. [18]

В 2016 году была проведена переоценка запасов газового месторождения, в результате чего оценка увеличилась на 50% по сравнению с оценками, сделанными до начала строительства в 2009 году [19].

Отрицательные стороны проекта [ править ]

ExxonMobil заказала австралийской консалтинговой фирме [ACIL-Tasman] исследование для расчета выгод и затрат PNG; они прогнозировали большие выгоды для экономики PNG в результате проекта. Однако в исследовании, проведенном по заказу Jubilee Australia , два австралийских экономиста - Пол Фланаган и Люк Флетчер.- сравнил прогнозы этого отчета в 2018 году с фактическими результатами. Они обнаружили фактическое падение занятости, доходов домохозяйств, занятости, государственных доходов и импорта, тогда как исследование ACIL-Tasman предсказывало рост. Ожидалось, что ВВП удвоится в результате использования СПГ / PNG в исследовании ACIL-Tasman, но исследователи обнаружили рост всего на 10%. Исследование Jubilee подверглось критике за то, что исследователи не представили убедительного контраргумента: что произошло бы в отсутствие проекта СПГ PNG и в какой степени наблюдаемые эффекты связаны с СПГ PNG? [20] Премьер-министр Питер О'Нил отверг юбилейный отчет и назвал основным фактором низкие цены на энергоносители. [21]В ответ ExxonMobil упомянула о социальных и экономических преимуществах проекта, таких как стимулирование предпринимательства и поддержка местных сообществ. [22]

Перед началом проекта были заданы конкретные вопросы о разрешенной амортизации и налоговых льготах. Мекере Мораутач обжаловал в парламенте освобождение от общего налога с продаж и удерживаемого налога с процентов для СПГ PNG. Освобождение от уплаты налога у источника выплаты процентов важно, поскольку проект очень ориентирован, и для обслуживания этих займов требуется большой доход. Артур Сомаре , в то время соответствующий министр, подчеркнул, что 30-процентный корпоративный налог на прибыль сохраняется, несмотря на эти уступки. [23] Вторая проблема была поднята Аароном Баттеном при представлении основополагающего отчета Азиатского банка развития.: «Папуа-Новая Гвинея: критические ограничения развития». Он упомянул налоговые льготы по проекту СПГ. Налоговая комиссия утверждала, что компаниям нужно время для добычи, производства, экспорта и продажи своей продукции, прежде чем они смогут получать непрерывный доход, подлежащий налогообложению. Однако Налоговая служба не предоставила определенной и точной информации о потоках доходов от СПГ PNG. В результате этих уступок не ожидалось существенного дохода до 2020 года. [24]Фактические договоренности между правительством и компаниями заключаются в секретном соглашении об освоении ресурсов. Однако Фланаган и Флетчер предложили, чтобы Exxon и Oil Search ежегодно платили правительству PNG 500 000 австралийских долларов, поскольку газ начал поступать в 2014 году. Вместо этого они платят небольшую часть этой суммы, частично из-за использования налогов. убежища в Нидерландах и на Багамах, как и в Австралии. [25]

Местные бенефициары проекта не получили вовремя свои взносы. В 2009 году перед началом проекта в районе Кокопо было проведено большое собрание местных заинтересованных сторон : представителей провинциальных и местных органов власти, а также представителей местных сообществ, претендующих на право собственности на землю в рассматриваемом районе, в результате чего было подписано письменное соглашение о разделение выгод. [26] Были регулярные объявления о том, что льготы будут распределены, но, похоже, это не было выполнено. [27] [28] [29] Землевладельцы угрожают закрыть проекты. Самое серьезное столкновение произошло в Ангуре в 2017 году и повлекло за собой уничтожение имущества. [30] [31]В 2018 году протестующие землевладельцы снова разрушили собственность и потребовали уплату 10 миллионов долларов США в качестве платы за поддержание безопасности на заводе. Платежи на эти цели не были предусмотрены в соглашениях с заинтересованными сторонами. [32] ExxonMobil, а также Oil Search настаивают на том, что они выплатили причитающиеся землевладельцам суммы; проблема заключается в распределении, а не в оплате. [33] Несколько дней спустя Oil Search заявила, что журналисты неверно истолковали сообщение, в котором не было намерения обвинять правительство. [34] ExxonMobil заявляет, что у нее хорошие рабочие отношения с Корпорацией по развитию минеральных ресурсов, которая отвечает за интересы землевладельцев. [35]Некоторая сумма была выделена землевладельцам ниже по течению вдоль трубопровода и в деревне Боэра возле погрузочной площадки землевладельцам возле трубопровода. Правительство утверждало, что идентификация наиболее сложна в добывающих отраслях, поскольку большая часть роялти, по-видимому, заблокирована на трастовых счетах. Упомянутые суммы составляют около 200 000 000 долларов США. [36] Правительство ПНГ утверждает, что задержка связана с идентификацией землевладельца: идентифицировать настоящие местные кланы труднее, чем ожидалось. О'Нил обвинил предыдущее правительство как ответственное за решение этого вопроса. [37]Однако можно утверждать, что такая идентификация практически невозможна, когда устные показания являются единственным доступным источником для определения происхождения и территории. Есть призывы к пересмотру Закона о нефти и газе 2018 года для решения проблемы, а также призывы к пересмотру всего процесса. [38] [39] [40] [41]

Доход, зависящий от прибыли, неудовлетворителен. [42] ExxonMobil утверждает, что выплатила 5 миллиардов кина (1,4 миллиарда долларов США) в виде роялти, сборов на развитие, налогов и дивидендов правительству PNG. Они утверждают, что после 2025-2027 годов выплачиваемые суммы значительно увеличатся. Проект финансируется в основном за счет кредитов, которые в конечном итоге будут погашены; В результате вырастут доход от налога на прибыль и доход от капитала. [43] Тем не менее, существует четкое согласие с тем, что правительство PNG проиграло в переговорах с компаниями, которые вызвали важные дебаты среди политиков о законодательстве в области горнодобывающей промышленности и налогообложения. [44] Чарльз Абельсказал: «Нам необходимо разработать режим добычи полезных ископаемых и нефти, при котором мы берем меньший объем акций бесплатно и более высокую ставку роялти, вводим обязательства на внутреннем рынке и местное содержание. Нам необходимо понять, почему большой профицит текущего счета (от экспорта минералов и нефти ) по-прежнему оставляет нам нехватку валюты ». [45]

PAPUA LNG: вторая компания по производству СПГ в PNG [ править ]

Когда были подняты предложения по установке СПГ в ПНГ, в кабинете министров было две фракции: одна возглавлялась премьер-министром Майклом Сомаре, который выступал за партнерство с ИнтерОйл для разработки газового месторождения Элк-Антилопа, а другая - его сыном Артуром Сомаре. который выступал за партнерство с ExxonMobil / Oil Search для разработки газовых месторождений Hides. [46] Сын Сомаре победил, но после того, как ПНГ / СПГ начал работать, все внимание было обращено на газовое месторождение лосиных антилоп компании Interoil. Поля расположены в болотистой местности на восточной окраине Папуасского бассейна к западу от Порт-Морсби (90 км от побережья Папуанского залива). [47] [48]Сертифицированный размер газового месторождения составляет около 6,5 триллионов кубических футов по сравнению с 7,1 триллионами кубических футов на месторождениях Хайдс и связанных с ними месторождений. [49] В то время как планирование и реализация проекта СПГ ПНГ не столкнулись с проблемами, проект газового месторождения Элк-Антилопа погряз в политических и технических разногласиях.

Конкуренция за контроль над газовыми месторождениями Лось-Антилопа [ править ]

Two relatively small oil and gas companies were major players in the Elk-Antelope gas field: Interoil and Oil Search. Interoil was a minor company in the gas and oil industry that acquired exploration licenses for oil and gas in PNG in 2005. The driving force in Interoil was its founder: Phil E. Mulacek, who announced in 2007 the discovery of a large gas field on the edge of the Gulf of Papua in the south of the country. "The InterOil Corporation, made the kind of announcement investors crave: explorations near the refinery had uncorked a vast pool of natural gas potentially larger than the United States' total residential consumption of the fossil fuel in 2005. The size of the discovery was so large, Phil E. Mulacek, chairman and chief executive, informed an analyst, that simply controlling its output 'was sort of like trying to stop the Mississippi.'"[50] An agreement was made between Interoil and the PNG government to proceed towards exploitation on one condition: Interoil had to partner with a company that had experience the development and management of a gas field.[51] Shell and ExxonMobil were mentioned as possible partners when Interoil entered negotiations.[52] The investment bank Merrill Lynch (now called Merrill (company) was also involved.[53] However, at the end of 2012 Interoil did not manage to find a partner to reach a Final Investment Decision (FID) and were in danger of losing the licence.[54] A proposal suggested that the PNG government would become a 50 percent shareholder instead of taking the proposed equity of 22.3 percent .[55] It was denied because the government did not have the money and it would not solve the problem of expertise. The French multinational Total SE is a major company in the oil and gas industry and they filled the void by buying a 60 percent interest in the gasfield.[56] Oil Search Company entered negotiations around the same time. It was already a stakeholder in the LNG PNG project and it extended its interests by buying into the Elk-Antelope gas fields, and they bought the Pac LNG group that had a 22.8% stake in the gasfields[57] and paid about US$900 million for participation. The money was sourced from equity bought by the PNG government and financed from a loan from the Swiss bank UBS.[58] Oil Search contested Total's participation before a London court of arbitration. Oil Search claimed to have priority rights (pre-emptive rights) in buying into Interoil because of its acquisition of Pac LNG.[59] Total continued to be present in Papua-LNG but at a reduced rate of 40% instead of 60%.[60] Interoil remained with an interest of about 40% in the Elk-Antelope gas field. Oil Search made a bid for Interoil's remaining shares in the gas field for US$3 billion.[61] OilSearch had to concede to ExxonMobil: they offered US$2.2.billion for the remaining shares of Interoil in the gasfield.[62] However, Mulacek had been replaced by Michael Hession as CEO in 2013.[63] Nevertheless, Mulacek challenged the deal in courts and in the shareholders meeting, but was defeated in both instances.[64]

The pattern of fierce competition and shifting alliances resulted in the following shareholding and proposed structure for the project: Total is the largest shareholder of the Elk-Antelope fields with a 31.1% interest. The partners are ExxonMobil (28.3%) and Oil Search (17.7%). The plan assumed that construction is 70% debt financed.[65]

Oil Search had the management contract for the upstream facilities while ExxonMobil managed the gas liquefaction plant and loading bay. The latter facilities would be built at the same place near Port Moresby as installations serving LNG/PNG.[66]

The agreement contained an obligation to provide gas for domestic use (a reserved 5%) so that PNG is for 70 percent self-sufficient for electricity supply in 2030. The State and landowners are not obliged to pay for their equity (US$900 million) before revenues start coming in. Payment for the Interoil shares by ExxonMobil is partly deferred until the FID and first shipments are made. Interoil retains residual rights to income from the gasfield if it performs above certain expectations.[67] Pac-LNG has retained residual rights to income if the output is beyond a certain expectation.[68] Total deferred cash payments for equity to the date of the FID (US$230 million).[69]

Reactions to the Elk-Antelope field agreement[edit]

The Memorandum of Understanding between the PNG government and the companies involved in the Elk-Antelope field was announced at the end of the A Asia-Pacific Economic Cooperation (APEC) conference in 2018. Its intent was to support PNG's international status,[70] and it was followed by an agreement in April 2019 to start the Front End Engineering Design process. The Final Investment Decision (FID) that makes construction possible is expected in 2020. Output is expected to flow in 2024.[71]

In 2011 the FID was expected in the same year.[72] In 2017 the first LNG exports were expected in either late 2020 or early 2021[73] The new dates are also speculative because the financial underpinning of the announced agreement is virtually absent. There is only a commitment of a small proportion of the necessary cash for construction. The cash paid for the gas field is for the shareholders of Interoil and is not working capital for Papua-LNG. Nothing has been built or constructed with that money: it is merely a sum paid in the expectation of predicted income, which contrasts with investing in a company that started from scratch. The project is expected to be financed from loans for 70%; where the loan capital would come from is undetermined.[74]

The agreement was also politically controversial. Authoritative voices had argued that the mistakes of LNG PNG should have been avoided. O’Neill agreed, though he also said that there should be an "environment for our development partners to maximise returns on their investment".[75] He was under pressure from a comment in the March Monetary Policy Statement from the Bank of Papua New Guinea, which urged the government to be less generous with tax concessions. The policies with respect of tax and natural resource projects had led to less availability of foreign exchange and had not strengthened tax revenues. In 2018, PNG had a strong positive balance on the current account, which should have led to an increase in foreign exchange that never happened.[76] Deputy Prime Minister Charles Abel criticised the benefits of natural resource projects for PNG.[77][78] Abel collaborated with Minister of Mining Fabian Pok on the government negotiating team for the Papua-LNG project. He was content about the agreement: "We made compromises, but he considered it a significant improvement over the PNG LNG project: this Agreement provides earlier, less risky flows to the State, reduces the States financing burden to buys its shares, and provides some gas for domestic use at a discounted and fixed price. There are strong provisions for third party access to infrastructure and national content.” [79]

However, the agreement was immediately controversial. Some of the initial criticism came from Hela province, the locus of LNG PNG where benefits should have appeared. Philip Undialu, Governor of Hela Province, submitted a long list of critical questions.[80] Minister of Finance James Marape, who was from Hela, resigned.[81] More MPs followed him and resigned from the governing party (PNC). Four out of five resigning MPs originated from resource-rich areas [82]

The analysis of Mekere Morauta[edit]

Former Prime Minister Mekere Morauta criticised three areas in the agreement: first, the agreement was created without the necessary and required consultation. Landowner groups have not been properly identified in the PNG LNG project after ten years of operation. The government claimed that the money was reserved for when the process of identification is complete, without clarifying where the money was. It was seen as a cardinal mistake in the PNG LNG project that this identification was not completed before the start of the project.Therefore, landowner groups should have been identified before the APDL (Application for a Petroleum Development Licence) was submitted. Abel defended it as the agreement is provisional;[83] there was no APDL at the time. None of the members of the SNT (State Negotiating Team) publicly broke ranks with government, but there were strong statements claiming that this team, as well as the Department of Petroleum, have been sidelined. Morauta distributed a letter from the Department of Energy to the Secretary of the Government, which demanded that a proper APDL be made with the necessary documentation about the field's size and its economic viability.[84] Total should have provided ten documents that were absent or deficient, but they did not follow up on requests. The necessary information for decision making was not there and the required procedure was not followed.[85]

Second, the tax arrangements are similar to the ones in LNG PNG. The State agreed with the ongoing operational and depreciation costs. Depreciation in the project was tied to the repayment of loans. Profitability was predicted to be low until the loans were repaid with interest. If the participating partners furnished the loan capital themselves they would have assured themselves of a steady income stream irrespective of profitability. The faster the depreciation the less profit would have been made. Tax on interest or dividends would not be withheld, which meant the companies could export their income to a destination where little or no tax was paid without any taxation by the PNG government. Two of the participating companies – Total and ExxonMobil – would also have a steady income stream from the management contract. The companies would also have been exempt from paying GST, import, duties, and taxes on project goods and consumables. The management of the project was virtually tax free which made the management contract more profitable. Morauta argues that nothing was learnt from the LNG PNG project and mentions two specific instances: first, there was no proper taxation for windfall profits and there was no mention of taxing the oil that came out of the well mixed with gas (condensate). The oil was sold to Oilsearch, which could have been seen as compensation for Oilsearch losing out on the management contract.[86][87]

The third area of criticism concerned the domestic gas obligations of the project. The domestic provision of gas was an option to 5% of the output in the agreement. The agreement was also in contravention to the National Energy Policy which demanded that 15% of all gas output was available for domestic use. The agreement mentions the only provision of gas for electricity supply ignores possible wider industrial use. Gas would also have been expensive as it would be indexed from a high base to the world market price while it is domestically supplied.[88]

Doubts over the field's value[edit]

At the time of the agreement's conclusion, doubts returned in regards to the field's value.[89] Interoil had always presented the Elk-Antelope gas field as their own original find. That is not true; there is an earlier explorative team in the area that found gas, but doubted whether the field was exploitable. A whistleblower in the Department of Energy has brought this in the open again at the time of signing the agreement.[90] According to the report, the field had five major problems: the gas was probably not as extensive as predicted, not easily extractable, high water content, low quality gas, required expensive treatment, and the field's geology is suspect.[91]

Government’s response[edit]

Fok, the Minister of Mining, replied to the Governor of Hela province, Philip Undialo, who had a concern about the gas agreement. He denied all accusations and considered them lies for political purposes. He stressed that none of the members of the State Negotiating Team had publicly spoken negatively about the agreement.[92]

Effects of the change of government[edit]

The agreement on the Elk-Antelope gas field became the core of political controversies about PNG’s policies with respect to natural resources. It led to Peter O'NeillO'Neill's resignation.[93] His successor, James Marape, announced changes in the management of PNG's natural resources in his maiden speech, though at the same time he was keen to reassure investors: “He did not intend to chase industry away, but asserting that reforms were needed to ensure benefits are spread more evenly.” [94] Oil Search's Peter Botten proclaimed immediately after Marape's appointment that it was likely that nothing would change and arrangements would remain the same when the third gas field Pn'yang came into production. Botten did not expect any significant new concessions on the dea,.[95] which led to a bristling reply from Marape, yet he remained vague as regards to envisioned changes.[96] Minister for Petroleum and Energy Kerenga Kua announced two months after the change of government that a revision of the “regulatory and commercial terms of the so called LNG agreement was ready for political approval”. The companies involved were unsympathetic to proposed changes. Total declared that no change in the agreement would be entertained. Oil Search warned that revisions may push back the FID to 2021 and projects elsewhere in the world may take precedence over Papua-LNG [97] Three government-backed lenders – Japan Bank for International Cooperation (JBIC), the US Overseas Private Investment Corporationt(OPIC) and Export Australia Finance otherwise named Export Finance and Insurance Corporation (EFIC) – announced an initial commitment to lend to Papua-LNG.[98] Kua negotiated with Total in Singapore in August 2019 to receive better terms, which resulted in a number of non-binding statements of intent. The Papua-LNG project would proceed as planned. His most important statement was that in the future, contracts would be made on the basis of a Production sharing agreement which would lead to early free cash flows in petroleum and mining contracts.[99]

The Pn'yang gas field[edit]

The Pn’yang gas field is the third project for PNG Gas. It is situated in the lowlands to the northwest of the Hides gas field. It was originally thought to be a relatively small gas field, but a certification exercise revised this as composing of 4.37 trillion cubic feet of gas.[100] For comparison, Hides is estimated to be at 7.1 trillion cubic feet and Elk-Antelope at 6.43 trillion cubic feet.[101] The development of this gas field would require relatively fewer expenses: the pipeline from Hides to the coast would only need to be extended inland. At the Caution Bay loading point it would need one extra train to condense the gas for shipping, which would mean building one extra train besides the two extra trains for the Elk-Antelope gas field. Synergies are expected.[102] ExxonMobil has been the main actor in this field but it is not the only participant. ExxonMobil as lead operator owned 49 percent, Oil Search held 38.5 percent, and JX Nippon of Japan held 12.5 percent interest. The Australian company Santos has bought into the project a 14.3 percent stake. Santos' acquisition saw current participant ExxonMobil's stake drop from 48.99 percent to 36.86 percent, Oil Search's from 38.51 percent to 36.86 percent and JX Nippon's from 12.50 percent to 11.96 percent.[103][104] However, the deal with Santos was contingent on the award of a product development licence and reaching a final investment decision.[105] Before the political changes, Oil Search was optimistic about the development of Pn’yang. They expected an agreement with the PNG government similar to the one with Papua LNG in the second quarter of 2019 and an FID in 2020 in conjunction with the FID for Papua-LNG.[106] It is unlikely that these deadlines will be met because of the political changes.

The Western Gas Project[edit]

The Western Gas Project is the fourth LNG development. Central in this proposal are four drilled gas fields in the Western Highlands. Horizon oil is the major partner in these. Most of these interests have been bought from Repsol, a Spanish company. The Chinese company Balang also bought interests in the fields from Repsol. Repsol maintained interest in the field. after selling off shares. Kumul Petroleum holdings, the PNG state company is another partner. Brent Emmer, the chief Executive Officer of Horizon declared in 2017 that pre-Feed studies (concept engineering and design were ready. It entails the construction of a processing (conditioning) plant at the wellheads to separate the oil (condense) from the gas, a separate pipe line to Daru, and the construction of a liquefaction plant in Daru. ([107][108] There has been no significant follow up. It is a mooted point whether it should be a stand alone project or whether it should be integrated in the operations of LNG-PNG and Oil Search in the highlands.The expectation is that the project will generate also much condensate, oil that comes with the gas extraction. The project has been the subject of a conflict with the government because permits were cancelled/ [109] This was solved amidst allegations of corruption.[110] An inquiry concluded that nothing inappropriate had happened and the PNG government did not follow up the accusations.[111]

The Pasca Gas field[edit]

Pasca gas field is an offshore project in the Gulf of Papua New Guinea. It entails a production platform and loading capacities offshore. Twinza oil holds the licence. The field is known since 1988 but the technical capacity to develop the field is according to Twinza recent. The company has been very optimistic about the stage of preparation.[112] However negotiations with the PNG government only started in may 2020. and the FEED phase in the project had not started yet then contrary to earlier expectations.[113]

Equity participation finances[edit]

The projection of equity participation finances in LNG projects is a major issue in the politics surrounding LNG projects. The Mining Act in PNG allowed government participation to be involved to have a share of a maximum of 30 percent in natural resources projects; In the case of PNG LNG this was projected as a 19.4% share. About US$800 million was contributed to the construction of the project and the mining rights. This payment was to be made following the FID. A concurrent phase in the project was the front end engineering Design (FEED) which raised the project's cost, which required the share to be financed by equity. As a result, the PNG government had to find US$1 billion when the FID was made on 12 August 2008.[114] In early March 2009 the PNG government acquired the sum through a loan from IPIC (International Public Investment Corporation; part of Mubadala Investment Company), a sovereign fund from the government of Abu Dhabi. It was not an ordinary loan, but an Exchangeable bonde. IPIC acquired the right to either be repaid in cash or through the security in the loan: PNG's equity in Oil Search Limited. These shares ideally would, at the time of redemption, equal at least the value of the loan which was designated at a share value of A$8.55. If the value of the shares was lower than the loan, the PNG government would have to pay out the missing cash. If the value of the shares was higher than the loan and IPIC wanted to buy the shares, the PNG government was entitled to the extra value in cash. The loan was expected to mature after five years, but IPIC could opt for a shorter period. The interest was 5%.[115][116] When the loan matured in 2014 the share price was around A$8.55 and IPIC wanted the shares as repayment for the loan. The PNG government sent a delegation to Abu Dhabi in an attempt to dissuade them and accept cash. They refused and the Oil Search shares were transferred from the PNG government to IPIC. The share price also fell back and PNG had to add US$70.8 million.[117] This financial construction was defended by Arthur Somare when the deal was concluded. He argued that the government did not want the loan to add to government indebtedness. It was fundamentally the sale of an asset – the Oil Search shares – in the first place. 2008 was also the year of the worldwide financial crisis which made it difficult to raise money.[118] “The exchangeable bond effectively involved a future swap in shares held in Oil Search for immediate funding for a direct equity stake in the LNG venture.” [119] The latter was expected to be much more profitable: The government also expected to raise more money from the equity participation in LNG-PNG than from Oil Search dividends. It was expected that the revenue stream from the LNG project would redeem the loan. Arthur Somare was the government minister in charge of public companies (IPBC) and the LNG project. Morauta challenged Somare when the IPIC loan concluded; he criticised Arthur Somare's position as minister in charge of IPBC and the use of his position to monopolise negotiations about the loan. From the beginning, he criticised the mortgages of national assets (the government's shares in Oil Search).[120] Morauta became the minister of IPBC in 2011 and reiterated his criticisms: "A loan in which Treasury was not involved; a loan which never had NEC approval; a loan which was never tabled in Parliament. It was negotiated and signed behind closed doors by people with no experience in the complex world of international high finance." He criticised technicalities of the loan: "The loan was drawn half a year before it was needed for financing and this led to a loss of interest. Currency risk was not hedged either. The most fundamental criticism was that A longer running time of the loan could have resulted in financing it from the income stream of PNG/LNG. That was due to early maturing of the loan not realistic."[121]

The government of PNG lost its equity in Oil Search after the IPIC loan was redeemed and had exchanged it for equities in LNG PNG. O’Neill wanted to redress this situation with a new shareholder in Oil Search,[122] who was looking for fresh capital to buy a stake in the next LNG project: the Elk-Antelope gas field. They needed US$900 million to buy the share of Pac LNG group in that field. Oil Search issued new share capital to finance this acquisition. These shares were bought by the government of PNG and financed with a loan from the Australian branch of the UBS bank.[123] This loan was similar to the IPIC loan to finance shares in LNG PNG: the shares that PNG bought in Oil Search were security for the loan; it was a "collared loan", which implied hedging one's bets on the movement of share prices – the high and low were the collar – in order to guarantee a loan purchasing the shares.[124] The risks for the bank were reduced because the loan was to be serviced directly from an Escrow account in Singaporewhere PNG's income from LNG PNG was paid. UBS had a first claim to the money,[125][126]

The finances were controversial since its inception and were similar to the debate around the IPIC loan. First, the loan concluded by bypassing the legally required channels and the little consultation that took place was careless. For example, the board of the State Petroleum organization was presented with a decision that they were expected to follow and concerns were ignored.[127] PNG's National Executive Council (NEC) was also confronted with a prepared statement. The treasurer, Don Polye, refused to sign and was fired as a result.[128] However, there were more ministers who opposed the decision.[129] The decision has probably passed in some form through the Central Bank and the Ministry of Finance, but prominent PNG economists argued from its inception that “the UBS loan was sought outside of sound fiscal management laws and legal governance”.[130] This was confirmed by an Ombudsman Commission report that recommended a leadership tribunal for Marape and O'Neill. The Commission found fifteen breaches of procedure.[131] The most important breach may be that parliament was not asked to approve the loan as this was constitutionally required.[132]

Much of the loan was shrouded in mystery and there suspicions about parties benefiting themselves. The suspicions were warranted as there was a bridging loan of A$335 million covering the costs of acquiring the shares besides the substantive collared loan of A$904 million to cover the price of the Oil Search shares.[133] The Ombudsman Commission's report found that “it involved different contracts being signed between at least eight different parties including the PNG State, UBS AG, UBS Nominees Pty Ltd, UBS Securities Australia Limited, the National Petroleum Company of PNG (Kroton) Limited and its parent, the Independent Public Business Corporation, the Papua New Guinea Liquefied Natural Gas Global Company LDC and, finally, Oil Search Limited”.[134] The Commission of inquiry into the UBS loan would pay attention to the fees paid to brokers and negotiators.[135]

Third, the loan was supposed to be redeemed for a long time before one could expect revenues from the Elk-Antelope gas field to repay it. It was expected to be serviced from the income from PNG LNG. However, according to the treasury secretary Diari Vele, the PNG government could only expect revenues to flow after 2020 when investment costs were recouped. The investment costs had to be settled out of depreciation charges to pay off the loans to the highly geared project.[136] The loan had to be repaid in 2016 and Morauta wondered how that had to be repaid.[137] Ultimately, the loan was repaid by the transfer of shares to Oil Search. The repayment was made at a loss: the government of PNG had bought these at A$8.20 and the price was A$6,70 at the time of redemption. When the deal concluded the PNG government expected the share price to double which would have resulted in a windfall for the PNG government. Kumul Petroleum Holdings, the state owned company that owned the shares estimated the loss at US$254 million.[138][139]

The policy debate[edit]

Income from natural resources in PNG projects were far below international standards, according to authoritative institutions (OECD, IMF and IETI Extractive Industries Transparency Initiative).[140][141][142][143] It was thus understandable that renegotiation of the Papua/LNG agreement was a priority for the Marape government after coming to power. Kua reopened negotiations. However, the energy companies were only willing to grant minor concessions. Kua had to accept the terms of the Papua-LNG agreement, but he insisted that the agreement for the P’nyang gas field should offer considerably better terms: "In the P’nyang talks, the government appears to be seeking a better tax take, more local content and jobs opportunities, more project information from the operator, and a firm commitment to development of P’nyang in a defined timeframe.”[144] The energy companies were not willing to take that into consideration and talks broke down between government and the companies on 31 January 2020.[145] Prime Minister Marape sounded confident that progress on the Papua LNG project with lead developer ExxonMobil would continue.[146] Three new trains to convert natural gas into LNG were planned to treat the gas from Papua-LNG as well as from P’nyong. The energy companies wanted to only proceed with preliminary engineering and design for the expansion of its PNG LNG plan with new trains after a Petroleum Development Licence was given for the P’nyang field.[147] The result was a stalemate.

Landowner interests are a further complicating factor. An umbrella organisation of landowners groups covering the area of operation of Papua/LNG went to the courts in order to ask for a temporary injunction against the continuation of developing Papua-LNG. The court allowed the landowners to delay the issue of a Production Development Licence until a new agreement was negotiated and a new Petroleum and Gas Act was in place. Among the landowners' demands were production sharing and at least 50% PNG ownership.[148]

Policies did not reflect much on the attempts to gain equity in the projects. The PNG government has lost its shareholding in Oil Search and exchanged them in practice for a shareholding in LNG PNG. This exchange came at a substantial cost of contracting and servicing a loan and an additional payment. The government of PNG has not acquired a shareholding in Papua-LNG through Oil Search despite the cost of contracting and servicing a loan plus unknown extra payments. The energy companies benefited from a capital injection in PNG LNG through the government's shareholding. Oil Search has benefitted from a capital injection through the botched attempt to gain shares through the UBS loan. The agreement on Papua-LNG expected a shareholding of 22.25 percent in Papua LNG that is expected to be paid from the project's income. Ken Ail Kaepai of PNG University of Technology sketched the dilemma as follows: “Under this arrangement, the dividends will be delayed over more extended periods required for allowing the State to repay the equity capital sourced from external lending institutions or will enable the investor to recoup its equivalent equity capital cost internally using future positive cash flows from the project.”[149] Kerenge Kua, the minister of mines gave the most comprehensive statement on mining policies so far to a webinar of the PNG Chamber of Mines. He advocated moving from a concessionary statement to a policy of production sharing. He deplored the borrowing for equity from the past, but did not come out against equity ownership of the government. On the contrary: the statement left the possibility of 100% state ownership open.[150] The Chamber of Mines deplored the proposals. It also queried whether government debt was due to participation in mining.[151]

See also[edit]

  • List of LNG terminals
  • List of natural gas pipelines

References[edit]

  1. ^ PNG Liquified Natural Gas (LNG) project Available at: https://www.hydrocarbons-technology.com/projects/pnglng/ No date of posting. Accessed on: 25/02/2019
  2. ^ https://data.worldbank.org/country/papua-new-guinea Posted in 2019. Accessed on: 24/02/2019
  3. ^ Available at: http://www.worldstopexports.com/petroleum-gas-exports-country/ No date posting:. Accessed on: 25/02/2019
  4. ^ The history of the PNG-Queensland LNG pipeline Available at:https://www.pipeliner.com.au/2016/03/16/the-history-of-the-png-queensland-pipeline/ Posted on: 16/03/20 Accessed on: 3/03/2019
  5. ^ https://pnglng.com/About/History
  6. ^ https://pnglng.com/About/Co-venturers Available at: https://pnglng.com/About/Co-venturers Dated as: LNGPNG 2008-2019 Accessed on: 2/3/2019
  7. ^ Available at:PNG/LNG impact study: An assessment of the direct and indirect impacts of the proposed PNG/LNG project on the economy of PNG Available at: https://www.scribd.com/document/118394202/Acil-Tasman-Impact-Study-Revision-01 Posted by:Shankar Jha in April 2009
  8. ^ Osami Tsukimori and Sonale Paul:: Exxon declares force majeure on exports from Papua New guinea source. Available at: https://www.reuters.com/article/us-papua-quake-exxon-mobil/exxon-declares-force-majeure-on-exports-from-papua-lng-project-source-idUSKCN1GE0GJ Posted on:2/03/2018 Accessed on; 3/03/2020
  9. ^ LNG published share participation in percentages but not in actual amounts of US$. However, the government of Papua New Guinea borrowed US$ 1.681 billion to buy a stake of 16.8%. Exxon Mobil's share is 33% and therefore will be roughly US$3.3 billion. “IPIC deal a major PNG government achievement” Available at: http://www.pngindustrynews.net/storyView.asp?storyID=9637514&section=Wantok&sectionsource=s14035&aspdsc=yes Posted on: 17/9/2012; “PNG LNG project overview” Available at: http://www.oilsearch.com/Our-Activities/PNG-LNG-Project.html Archived 2017-01-26 at the Wayback Machine Accessed on 4/11/2016.
  10. ^ “PNG LNG Project financing” Presentation at USEXIM annual conference 11/3/2010. Available at: http://www.exim.gov/sites/default/files/events/annual-conference-2010/PNGLNGProjectFinance.pdf Accessed on: 4/11/2016;”Project Finance for LNG Project in Papua New Guinea: Contributing to Stable Energy Resource Supply to Japan by Supporting Development of New LNG Supply Source” Available at: https://www.jbic.go.jp/en/information/press/press-2009/1216-7217 Posted on: 16/12/2009 Accessed on 4/11/2009
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  12. ^ Jaques Moss, Everything you need to know about Papua New Guinea massive lng project. Available at: https://knect365.com/energy/article/5891f3ed-db96-47c9-bc86-9c26eee9b91e/everything-you-need-to-know-about-papua-new-guineas-massive-lng-project. Posted on: 6/8/18 Accessed on: 18/3/2018
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  14. ^ Jaques Moss, Everything you need to know about Papua New Guinea massive lng project. Available at https://knect365.com/energy/article/5891f3ed-db96-47c9-bc86-9c26eee9b91e/everything-you-need-to-know-about-papua-new-guineas-massive-lng-project. Posted on: 6/8/18 Accessed on: 18/3/2018
  15. ^ Exxon's PNG/LNG costs balloon to $ 19 billion Available at: https://www.reuters.com/article/us-exxon-png/exxons-png-lng-project-costs-balloon-to-19-billion-idUSBRE8AA0GR20121112 Posted on: 12/11//2012 Accessed on 20/3/2011
  16. ^ Available at: https://pnglng.com/About/Project-overview Dated: 2008-2019. Accessed on 16/03/2018
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  63. ^ InterOil Corporation Announces The Retirement Of Phil Mulacek From The Board And The Appointment Of Dr. Michael Hession Available at: https://www.newswire.ca/news-releases/interoil-corporation-announces-the-retirement-of-phil-mulacek-from-the-board-and-the-appointment-of-dr-michael-hession-513254571.html Posted on: 18/11/2013 Accessed on: 8/5/2019
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  84. ^ (Lohial Nuau,, Acting Secretary Directo oil and gas act to Amb. Isaac Lupari, CBE, Chief Secretary to the Government Papua New Guinea Available at: https://www.dropbox.com/s/y36rhbw2by0qu1y/20190327%20Letter%20from%20DPE%20to%20Chief%20Sec%20re%20PapLNG%20GA%20signing.pdf?dl= Accessed on: 18/5/2019
  85. ^ PM Must come clean on Papua-LNG. Public Statatement by Sir Mekere Morauta KCMG Available at: https://www.mekeremorauta.net/single-post/2019/04/28/PM-must-come-clean-on-Papua-LNG Posted on: 28/4/2019 Accessed on: 18/5/2019
  86. ^ PM Must come clean on Papua-LNG. Public Statement by Sir Mekere Morauta KCMG Available at: https://www.mekeremorauta.net/single-post/2019/04/28/PM-must-come-clean-on-Papua-LNG Posted on: 28/4/2019 Accessed on: 18/5/2019
  87. ^ (O’Neill gives away billions of kina through huge Papua LNG concessions, Public Statement by Sir Mekere Morauta KCMG Available at: https://www.mekeremorauta.net/single-post/2019/04/30/O’Neill-gives-away-billions-of-kina-through-huge-Papua-LNG-concessions Posted on: April 30, 2019 Accessed on: 18/5/2019
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  92. ^ Dr. Fabian Pok response to Hon. Philip Undialu's concern on Gas Agreement (PNG LNG project) Available at: http://kaulga.blogspot.com/2019/04/dr-fabian-pok-response-to-hon-philip.html Posted on: 15/04/2019 Accessed on: 18/5/2019
  93. ^ Papua New Guinea prime minister resigns Available at: https://www.aljazeera.com/news/2019/05/papua-guinea-prime-minister-peter-resigns-190526144032925.html Posted on 20/5/2019 Accessed: 9/08/2019
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  98. ^ Stephen Stapczynsk – Bloomberg, Total’s PNG plan faced a fresh test as changes were proposed in the agreement made. Available at: https://www.bloomberg.com/news/articles/2019-07-25/total-s-papua-gas-deal-probe-complete-changes-to-be-recommended Posted: 25/07/2019 Accessed: 9/08/2019
  99. ^ PNG US13 billion gas deal to go ahead. Available at:https://www.rnz.co.nz/international/pacific-news/398109/png-us13-billion-gas-deal-to-go-ahead Posted on:4/9/2019 Accessed on: 4/09/2019
  100. ^ Exxonmobil reports 84 percent increase in Pn’yang resource potential expansion Available at https://www.worldoil.com/news/2018/4/12/exxonmobil-reports-84-increase-in-p-nyang-resource-potential-expansion-in-png Posted on:4/12/2018 Accessed on: 15/08/2019
  101. ^ Oil Search Elk Antelope certification completed. Available at: https://www.lngworldnews.com/oil-search-elk-antelope-gas-certification-completed/ Posted on: 15/07/2016 Accessed on: 15/08/2019
  102. ^ Companies report increase in P’nyang gas Available at: https://www.ogj.com/general-interest/companies/article/17297370/companies-report-increase-in-pnyang gas-resources resources Posted on: 12/04/2018 Accessed on: 15/08/2019
  103. ^ Nathan Richardson, Australia’s Santos buys into PNG LNGs expansion projects upstream supply Available at: https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/051619-australias-santos-buys-into-png-lng-expansion-projects-upstream-supply Posted on:16/05/2019 Accessed on: 15/08/2019
  104. ^ Ambar Worrick and Tim Westbrook, .Santos buys into Exxon-led PNG gas field amid political ructions Available at: https://www.reuters.com/article/us-santos-deals-png/santos-buys-into-exxon-led-png-gas-field-amid-political-ructions-idUSKCN1SM00H Posted on: 16/05/2019 2019 Accessed on: 15/08/2019
  105. ^ Mathew V. Viazey, PNG LNG expansion gains momentum Available at: https://www.rigzone.com/news/png_lng_expansion_gains_momentum-16-may-2019-158851-article/ Posted on: 16/05/2019 Accessed on: 15/08/2019
  106. ^ Oil Search outlines Papua LNG terms of agreement Available at: https://postcourier.com.pg/oil-search-outlines-papua-lng-terms-agreements/ Posted on: 16/04/2019 Accessed on: 25/08/2019
  107. ^ China extends gas interests in Papua New Guinea; Rick Wilkinson, Repsol sells permits in Papua New Guinea. From: Oil and Gas Journal 21/06/2018 Available at: https://ramumine.wordpress.com/2018/06/22/china-extends-gas-interests-in-papua-new-guinea/ Posted on: 26/06/2020. Accessed on 19/09/2020
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  109. ^ Leading oil and gas companies launch legal action against PNG Government. Available at: https://www.oilandgasaustralia.com.au/leading-oil-gas-companies-launch-legal-action-png-government/ Posted On: 15/11/2018 Accessed on 19/09/2020
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  111. ^ ) In brief: Horizon Oil clears its name and other business stories in Business Advantage PNG 15/06/2020 Accessed on 19/09/2020
  112. ^ Papua New Guinea – Pasca A Available at: https://www.twinzaoil.com/what-we-do/papua-new-guinea-pasca-a No date posted. Accessed on 10/09/2020
  113. ^ State team negotiating with Twinza Oil on project Available at:https://www.thenational.com.pg/state-team-negotiating-with-twinza-oil-on-project/ Posted on 15/07/2020 accessed on 10/09/2020
  114. ^ The Kramer Report: Real story behind the IPIC deal Part 4. Available at: https://m.facebook.com/kramerreportpng/posts/928667137269593 No date posted. Accessed on: 21/10/2019
  115. ^ Abu Dhabi takes A$1.68 bln stake in Oil Search Available at: https://uk.reuters.com/article/ipic-oilsearch/abu-dhabi-takes-a1-68-bln-stake-in-oil-search-idUKLP66446820081125 Posted on:25/11/2008 Accessed on 21/10/2019
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  117. ^ (PNG seeks Oil Search buyback from Abu Dhabi's IPIC : From: The Australian Available at: http://www.pina.com.fj/?p=pacnews&m=read&o=1518488381530ab926c7fcfb803892 Posted on:24/02/2014 Accessed on: 21/10/2019
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  119. ^ IPIC deal a major government achievement Available at: https://www.pngreport.com/print_article/pngindustrynews/news/1107636/ipic-deal-a-major-png-government-achievement?print=true Posted on: 17/09/2012 Accessed on: 21/10/2019
  120. ^ Eve Marshall, PNG criticized over massive lng project loan. Available at: https://www.abc.net.au/news/2008-11-07/png-criticised-over-massive-lng-project-loan/198216 Posted on: 7/11/2008 Accessed on: 21/10/2019
  121. ^ Malumnalu, Arthur Somare’s shameful legacy. Available at: https://malumnalu.blogspot.com/2011/11/1024x768-normal-0-false-false-false-en.html Posted ON: 27/11/2011 Accessed on: 21/10/2019
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  123. ^ Oil Search to acquire interest in PRL 15 (Elk/Antelope), providing core strategic position in future LNG developments in PNG Available at: https://www.oilsearch.com/__data/assets/pdf_file/0019/4195/140227-Acquisition-of-interest-in-PRL-15-c14908c4-8d9c-4b15-81d6-80dd5ca6222f-0.pdf Posted on: 27/02/2014 Accessed on: 10/11/2019
  124. ^ John Garnaut, How Oil Search deal found trouble in Papua New Guinea Available at: https://www.smh.com.au/business/how-oil-search-deal-found-trouble-in-papua-20151008-gk43wn.html Posted on: 10/10/2015 Accessed on: 10/11/2019
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  126. ^ Polye: Investigate LNG money Available at: https://postcourier.com.pg/polye-investigate-lng-money/ Posted on: 24/12/2015 Accessed on: 10/11/2019
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  128. ^ (Liam Cochrane, PNG Prime Minister O'Neill sacks treasurer for causing instability Available at: https://www.abc.net.au/news/2014-03-11/an-png-pm-sacks-treasurer-polye/5311526 Posted on: 10/3/2014 Accessed on: 10/11/2019
  129. ^ Daniel Komboni, don Polye’s stand against O’Neill’s excess nears vindication https://www.pngattitude.com/2019/05/don-polyes-stand-against-oneills-excesses-awaits-its-vindication.html Posted on 27th of May 2019 Accessed on: 10/11/2019
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  131. ^ (Angus Grigg, Jonathan Shapiro and Liz Murray, UBS loan to the government may have breached 15 laws Available at: https://www.afr.com/policy/foreign-affairs/ubs-loan-to-png-government-may-have-breached-15-laws-20190515-p51nls Posted on: 16/5/2019
  132. ^ UBS loan report tables in parliament Available at: https://www.thenational.com.pg/ocs-ubs-loan-report-tabled-in-parliament/ Posted on:27/6/2019 Accessed on: 10/11/201 Accessed on: 10/11/2019
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  135. ^ (Cost of UBS loan likely to triple says INJAAvailable at: https://www.thenational.com.pg/cost-of-ubs-loan-inquiry-likely-to-triple-says-injia/
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  139. ^ Prime Minister’s illegal Oil Search costs the nation hundreds of millions kina Available at: https://www.mekeremorauta.net/single-post/2017/09/22/Prime-Minister’s-illegal-Oil-Search-deal-costs-the-nation-hundreds-of-millions-of-kina Posted on: 22/9/2017 Accessed on: 14/12/2019
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  146. ^ (7) Paul Chai, Prime Minister Marape confident of a five train lng future in Papua New guinea. Available at: https://www.businessadvantagepng.com/prime-minister-marape-confident-of-a-five-train-lng-future-in-papua-new-guinea/ Posted on: 31/01/2020 Accessed on: 2/02/2020
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  148. ^ Papua LNG put on hold Post Courier 27/11/2019 Available at: https://postcourier.com.pg/papua-lng-put-on-hold/ Posted on: 27/11/2019; Also available on: https://ramumine.wordpress.com/2019/11/27/papua-lng-put-on-hold-by-landowners-court-action/ Posted on: 27/11/2019 Accessed on: 2/02/2020
  149. ^ Academic urges government to revisit tax regime Available at: https://postcourier.com.pg/academic-urges-govt-revisit-tax-regime/ Posted 28/05/2019 Accessed on: 2/02/2020
  150. ^ Country’s resource laws has issues: Kua from the National 14/08/2020 Available at: https://www.thenational.com.pg/countrys-resource-laws-has-issues-kua/ Accessed on: 20/9/2020 The speech is also posted on Youtube.
  151. ^ Chamber questions government decision on mining and petroleum. Available at: https://www.looppng.com/business/chamber-questions-govt-decision-mining-petroleum-94344 Posted on; 31/08/2020 Accessed on: 20/09/2020,