Yet another historic
milestone in PNG’s development was reached early this week with the Financial Close
announcement by ExxonMobil, Esso
Highlands & the PNG
Government. The PNG LNG Project is the largest project by far that ExxonMobil,
the world’s biggest oil and gas company, has undertaken as project operator. It
also involves the largest ever project loan raised worldwide for any oil or gas
project. This is an event that certainly puts PNG on the world map.
Those of you who have
followed this project will appreciate that with financial close we now
have certainty that the co-venturers in this project will be spending the
equivalent of the PNG annual budget every year between now and project start up
in 2014. This translates to an average daily expenditure of US$10 million.
Local expenditures will rise to a peak of US$35 million a day at the height of
project construction.
ExxonMobil anticipates that
about 5,000 Papua New Guineaneans will be employed during the construction phase. Recruitment
of these individuals has already commenced. In addition new training facilities
are being completed at the Port Moresby
Technical College
along with a new facility at June, near the Hides gas-field in Southern Highlands . Both these institutions will train
about 1,000 people annually to Australian standards.
Holistic Growth
But
has anyone done a study on holistic growth for the people and infrastructure of
this country??
The
lessons learnt from other countries such as Nauru , where one upon a time it had
the highest per capita income in the world and now is no longer a force in the
South Pacific, are important. Also consider the case with our own Bougainville .