Fortescue Future Industries (FFI) is partnering with Papua New Guinea to develop multiple large-scale green energy and green hydrogen projects, signing a master development agreement that will enable FFI to undertake feasibility studies to develop up to seven hydropower projects and 11 geothermal energy projects.
These projects would generate renewable electricity for the purpose of producing green hydrogen and green ammonia, creating a significant new domestic energy and export industry for the country, which currently heavily relies on imported oil. FFI’s identified projects could produce up to 2.3 million tonnes of green hydrogen per year once completed.
“Our green energy vision for PNG will lead to more jobs, a stronger economy, thriving communities and importantly, lower emissions for Papua New Guinea,” said FFI Chief Executive Officer Julie Shuttleworth. “We share Prime Minister Marape’s vision that PNG can be at the forefront of developing hydropower and geothermal resources for the emerging global green hydrogen industry. We are looking forward to continuing our work alongside the Government of Papua New Guinea to develop these important opportunities.”
Fortescue Chairman, Dr Andrew Forrest AO said, “These projects will completely transform PNG to become a leader in the world’s renewable energy transition. We are committed to ensuring PNG’s communities benefit from growth and development through these projects, including training, employment and business development opportunities.”
FFI’s proposed Purari Wabo Hydropower project and West New Britain Geothermal project have made significant progress, with scoping studies and early-stage pre-feasibility works completed.
“FFI will also undertake extensive community, landowner and stakeholder engagement to develop a detailed national content plan as part of its stakeholder investment strategy,” Shuttleworth said.
FFI said its projects will be conducted in full compliance with Papua New Guinea laws and adhere to strict international best practice standards relating to conservation and protection of the environment, biodiversity and cultural heritage, occupational health and safety, anti-bribery and corruption, anti-money laundering and eradicating modern slavery.