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Sports |
Petromin resurrects the Orogen
concept
It was with keen interest when I read
that the cabinet has approved the creation of a new company called
‘Petromin’ which will look after all of the State’s equity in the
mining, petroleum and gas resource sectors.
However, my only concern would be the following points:
1. Why does it have to take the cabinet so long after all these
years since independence to realise this?
2. Remember Orogen Minerals Ltd? The idea for such a company
started in early 1996. It was the main avenue for Government and
resources owners to participate fully in the mining and petroleum
developments as well as having a ‘vehicle’ to access the global
capital markets. Why then did the Government sell it away to Oil
Search, for a market value that was way too low? Poor management
or shortsighted vision?
3. The ‘Look North’ policy of our Government if I can remember
started around mid 90s and one country that we ever since had been
admiring is Malaysia, how Malaysia came up from a Third World
country to now a developed world, how their government created new
policies that enabled them to ‘take control’ of their petroleum
and mining sector which had a direct impact for their rise to
developed world status.
My query is how is it that government after government never
seriously took a ‘model’ of their policies to implement in PNG
where necessary? If the Government did try, it could be that the
strategic planner and the ‘implementers’ of such policies went
wrong somewhere?
Petromin must never become another ‘water under the bridge’ like
Orogen Minerals. If Petromin were to succeed in the ever changing
global petroleum and mining industry and still help this country
in a big way, I suggest the cabinet and other lawmakers need to
consider the following points;
1. Get right people involved at the start and not ones tainted
with corruption and poor vision. Managers must have vision and
must be innovative.
2. One of its long term visions must be to move into exploring and
developing the country’s petroleum and mineral resources
“ourselves”, like Petronas of Malaysia. This country have some top
brains in exploration geology and geophysics as well as in the
engineering side of resources who know exactly how the whole show
can be managed if given the opportunity. Petromin must involve
PNG’s technical oil and mining experts to participate in the
running of this company to help it achieve this long term vision.
3. From point (2), the managers of Petromin must set in place
strategic policies and long term management plans and a structure
that would enable the creation of a PNG’s own petroluem and mining
Company that would explore and develop this country’s wealth for
the people of this blessed land.
4. I agree that MRDC be left to its role of managing landowners’
interests in resource projects while Petromin be committed on
equity participation and development in upstream and downstream
business in petroleum and mining industries.
5. Don’t allow any person who was involved with the management and
sale of Orogen Mineral Ltd to be part of the top management team
of Petromin. This would be a big mistake.
PNG must take full control of its petroleum and mining industries
now for us to see real change in our economy and the well being of
our people.
Blessed but yet so poor will be changed to ‘blessed and have the
power to bless’.
Barnabas Prai Wellip
 
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