Hydrogen – Fortescue Future Industries to develop portfolio of geothermal and hydroelectric projects



Papua New Guinea Fortescue Future Industries Ltd of FFI and the State of Papua New Guinea have signed a Development Framework Agreement (MDA) which will allow FFI to undertake feasibility studies to develop up to seven projects. hydropower and 11 geothermal energy projects in Papua New Guinea.

These projects would generate renewable electricity for the purpose of producing green hydrogen and green ammonia, thus creating a significant new domestic and export energy industry for PNG, which currently relies heavily on imported oil.

FFI Managing Director Julie Shuttleworth AM said: “Our green energy vision for PNG will lead to more jobs, a stronger economy, thriving communities and most importantly, reduced emissions. for Papua New Guinea.

“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 look forward to continuing our work alongside the government of Papua New Guinea to develop these important opportunities. ”

FFI’s identified projects in PNG could produce up to 2.3 million tonnes of green hydrogen per year when completed.

Fortescue President Dr Andrew Forrest AO said: “These projects will completely transform PNG to become a leader in the global transition to renewable energy.

“We are committed to ensuring that PNG communities benefit from growth and development through these projects, including training, employment and business development opportunities. ”

The Purari Wabo hydroelectric project proposed by FFI and the West New Britain geothermal project have made significant progress with the completion of scoping studies and early stage pre-feasibility work.

FFI is a values-based company committed to enriching communities through economic growth, gender equality in employment and education, and ending exploitation and exploitation. modern slavery.

“We are proud that our investment contracts place human rights, the environment and then the economy, in that order, in every discussion we have with every government in the world,” said Shuttleworth.

“FFI will also undertake broad community, landowner and stakeholder engagement to develop a detailed national content plan as part of its stakeholder investment strategy. “


Previous Dollar Rises on Rate Fears, Musk Stock Sell, OPEC Report
Next Robert Peston: Why COP26 could still fail