Peter O'Neill to set out his new vision on PNG energy deals
by: Rowan Callick From:The Australian December 03, 2012 12:00AM
PAPUA New Guinean Prime Minister Peter O'Neill will today turn the page on the country's mining and energy policy, acknowledging Australia's $16 billion investment in the sector and urging a new dialogue with its government and the industry about ways to reduce costs and boost productivity.
In a keynote speech to the country's biannual mining and investment conference in Sydney today, he will offer to fast-track investments in energy projects that focus on domestic supply rather than exports.
But he will admit the country has "been far too complacent about cost blowouts in the construction phases of our major projects" -- with the liquefied natural gas project being built by ExxonMobil recently announcing a 20 per cent cost surge, to $19bn.
He is expected to announce plans to establish a Productivity Commission to advise the government on making the economy more competitive.
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