Papua New Guinea (PNG) will continue with production and investments in the resource sector for energy supply despite the world making efforts to transition to a more cleaner and greener energy sources in the future.
This, Prime Minister (PM) James Marape said is because the LNG is a more cleaner source of energy than the other hydrocarbons and also the government is venturing into potential clean energy sources that the country can tap into in the near future.
Although the global community is transitioning, PM Marape said there will still be some major economies out there that will still demand for gas for energy production, hence until the world makes a drastic switch to green energy, the demand for LNG will continue to exist.
This, he said means that there is still more space for investments in the resource sector of Papua New Guinea.
Therefore, he is urging foreign investors to look into potential areas to develop.
The upcoming Papua LNG project and the other gas projects in the pipeline to be developed, is a testimony of this.
Nevertheless, PM Marape stated that the clean energy sources are also available in the country such as hydro, wind and thermal energies that investors can also tap into to generate.
“We are ready to promote all forms, including green energy,” said the PM.
Meanwhile, PNG is in a strategic location in the Asia Pacific region and is able to continue to meeting the demands of the Asian market with energy supply.
The PM made this statement at the official opening of the 2023 Petroleum and Energy Conference this morning at the Hilton Hotel, Port Moresby.