Fueled by rapidly growing demand in Asia for cleaner fuels and global concerns over climate change, the Exxon Mobil-led natural gas partnership with Papua New Guinea is part of a mining boom that is bringing unprecedented wealth to the South Pacific nation.
The liquefied natural gas project that is led by U.S. energy giant Exxon Mobil is the largest investment scheme in Papua New Guinea’s history.
Production is expected to start within four years and has the potential to double the country’s income.
In the capital, Port Moresby, the government faces the challenge of ensuring that this new-found prosperity is handled responsibly and transparently.
Ministers have announced plans to set up special accounts known as sovereign wealth funds to save some of the revenue for future generations.
