A DIVIDEND of K415 million has been paid into Papua New Guinea government coffers as a dividend from the nation’s interest in the Exxon-Mobil operated PNG LNG Project.
National Petroleum Company of Papua New Guinea (NPCP) managing director Wapu Sonk said the early delivery of LNG from the project had resulted in the company receiving its dividend earlier than originally forecast.
The first delivery of gas and condensate was in April 2014 which was seven months earlier than originally estimated providing the additional revenue that has allowed the company to make the special dividend.
The dividend was paid to NPCP’s sole shareholder, PNG’s Independent Public Business Corporation,.
NPCP chairman Frank Kramer said the board was pleased with the early payment, but warned it may not be repeated in the short term.
Through an announcement, Mr Kramer said the favourable Spot LNG market conditions that had allowed for the payment of the early dividend had changed significantly, with Global Energy markets facing reduced prices and considerable volatility.
“NPCP would be closely monitoring the market conditions and the distributions from PNG LNG in determining the timing and amount of future dividends,” the announcement said.