By MALUM NALU
Prime Minister Peter O’Neill yesterday (Thursday) assured investors that Papua New Guinea was an ideal business location, despite all the bad press of late.
O’Neill made the assurance when opening a new representative office for Shell, one of the largest energy and petrochemical companies in the world, at Petromin Haus in Port Moresby.
He said the return of Shell showed that “there is big investor confidence in PNG”.
“I want to investors and companies that despite our politics, PNG continues to have investors coming in,” O’Neill said.
“We have in recent times seen that the economy is going very well.
“Our foreign reserves are at record levels.
“The economy of the country is very stable.
“We look forward to working closely with Shell and Petromin over the years.
“This is a huge vote of confidence in our country.”
Shell vice-president commercial –Asia, Ton Ten Have, said the company’s return to PNG was a natural follow-on from the strategic alliance agreement and joint technical study agreement signed between Shell and Petromin last August.
|Prime Minister Peter O’Neill…Shell return a ‘vote of confidence’ in PNG.-Pictures by ROY SANGI of Petromin|
|Shell vice-president commercial –AsiaTon Ten Have|
: Shell vice-president commercial –AsiaTon Ten Have, Prime Minister Peter O’Neill, Petroleum and Energy Minister William Duma at yesterday’s opening of the Shell PNG office
“Shell believes that Papua New Guinea is underexplored,” he said.
“We are looking at staying here for the long term.
“The LNG industry is not one that’s here today and gone tomorrow – it’s here for the long term.
“It is one that is based on collaboration and co-operation.
“Shell is a big energy player in the world, and one of the leading LNG companies in the world.
“We have been involved in some of the most-challenging projects the LNG industry has seen over the last 20 years.”
Ten Have said Shell would not be successful without having the right people, as it did in countries like Malaysia and Brunei.
“We have been humbled by all the support you have given us in getting Shell back to PNG,” he said.
“We look forward to a long-lasting and successful partnership.”
Ten Have said the JTSA was on track to be completed this year and Shell looked forward to working with Petromin to build a successful upstream business in PNG.
Petromin managing director Joshua Kalinoe welcomed the increased presence of Shell and added it would further facilitate for future opportunities in PNG.
“Shell is a world-class operator with a proven track record in all parts of the upstream business,” he said.
“Together with Petromin, Shell will help PNG realise the full potential of its energy resources.”
Shell and Petromin entered into a Strategic Alliance Agreement on Aug 18, 2011 to establish a long-term partnership.
The agreement includes a joint study of major hydrocarbon basins in PNG and will enable the pursuit of mutually-beneficial upstream opportunities.
It also contains skills-transfer elements, which will see Shell holding technical skills training sessions for Petromin staff, and Petromin staff posted to Shell’s office in Malaysia on development assignments.
Shell is a global group of energy and petrochemicals companies, with around 93,000 employees in more than 90 countries and territories, and helps to meet the world's growing demand for energy.