Monday, January 04, 2010

LNG projects open floodgates for massive building and construction boom in Papua New Guinea

The green lights for the two massive liquefied natural gas (LNG) projects in Papua New Guinea (InterOil pictured above) has opened the floodgates for a massive building and construction boom to take place all over the country.

The US$15 billion (K42b) PNG LNG project last Dec 8 got the okay from project developers Esso Highlands Ltd, a subsidiary of ExxonMobil Corp and partners Oil Search Ltd, Santos Ltd, Nippon, Mineral Resources Development Company (MRDC), and Eda Oil.

Just before Christmas, the Project (Gas) Agreement for the US$6b (K17b) Elk/Antelope LNG project from Gulf Province was signed between the Government and developer InterOil Corp. 

Papua New Guinea is expecting a third massive LNG project to come out of Western province to be developed by Canada’s Talisman Energy.

Prominent building commentator George Tipping, a past president of the PNG Institute of Builders, must have had a crystal ball in hand when he boldly predicted last year that the approval of the LNG projects would be the impetus for a massive building and construction boom never before seen in this country.

“What does the future hold for the building and property industry in PNG?” he said then.

“The following prediction excludes the impact of both Exxon Mobil and Interoil LNG plants and is based on supply and demand and other influences that are occurring now as well as known planned projects.

“Despite the internal impediments of higher interest rates, inflation, hesitation by some PNG investors due to the global economic conditions (GEC), slow National Capital District Commission and utility service providers’ approvals, it is my prediction that the current building and property boom will continue at a high level of activity, particularly for large projects.

“How long will this boom last? That is the hard question to answer.

“My crystal ball suggests we have another three to four years before the boom slows to more-manageable levels.

 “However, if the Exxon Mobil LNG project is confirmed, then we will have a scenario of a much larger building and property boom making the current boom seem small by comparison.”

1 comment:

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