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Exxon Mobil's PNG LMG project uses labour resources to operate and manage capital resources to extract land resources.

From the statement above,
1. Identify examples of the following factors of production involved in the PNG LNG Project
a) Land.
b) Entrepreneur.

1 answer

In the context of the Exxon Mobil's PNG LNG (Liquefied Natural Gas) project, we can identify examples of the factors of production involved:

a) Land

  • Land Resources: The natural gas and oil fields in Papua New Guinea (PNG) are the primary land resources involved in the project. This includes the geographical area where extraction and production occur, including the land where drilling equipment is installed and the surrounding environment.

b) Entrepreneur

  • Entrepreneurship: The management and leadership teams at Exxon Mobil, along with local partners and the PNG government, can be considered entrepreneurs in this context. They are responsible for taking risks, making strategic decisions, and overseeing the planning, development, and execution of the PNG LNG project, driving innovation and investment in the extraction and processing of natural gas resources.

These examples illustrate how the factors of production interact in a large-scale energy project like the PNG LNG.