Act to be reviewed

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PRIME Minister Peter O’Neill says the Government will review the Oil and Gas Act to protect the interest of the people especially landowners.
He was responding to the call by North Fly MP James Donald who suggested last week the two per cent stake as equity for landowners in projects such as the US$13 billion (K43.77) Papua LNG must be increased to between 10 and 12 per cent.
“We will review the Oil and Gas Act,” O’Neill said.
O’Neill also assured the Gulf provincial government and landowners that they would be given a fair treatment in the allocation of additional shares in the Papua LNG project.
The country’s second LNG project is expected to provide job opportunities to more than 20,000 people during the construction phase.
O’Neill said the country would no longer have foreign currency issues when exporting resources.

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