Yesterday, the largest resources project in Papua New Guinea’s history moved a step closer, with the PNG government approving the Environmental Impact Statement for the vast PNG LNG project.

The project is being developed by ExxonMobil, Australian companies OilSearch and Santos, and -- notionally -- PNG’s state-owned company Petramin. It is anticipated it will cost more than $US11 billion ($A11.9 billion), and double the size of PNG’s GDP over its 30-year lifecycle.