27 Oct 2011

Oil Search says resource projects could double PNG growth

2:31 pm on 27 October 2011

Papua New Guinea's largest oil producer says major resources projects could double economic growth in PNG and transform the nation into a more equal trading partner which relies less on Australian aid.

The managing director of Oil Search, Peter Botten, says the projects mean that PNG now stands on a junction of change and of a social revolution.

Mr Botten says they can substantially underpin the future economy and wealth of the nation and that will inevitably change the relationship that Australia has with Papua New Guinea in terms of aid.

He has cited the PNG LNG project whose investment for the initial phase is estimated at 15 billion US dollars.