OIL Search’s contribution towards PNG’s development is undeniably unmeasurable.
From human resource development to infrastructure developments, Oil Search tops the list when we put their contributions on the development strata.
Today, Oil Search is set to hold its oil production at Kutubu oilfields to July 2020, in anticipation that the global oil prices may pick up post–Covid-19.
This is very sad news for PNG that should not be taken lightly by the government.
The economy of any nation in the world dwells at the back of its private sector.
The state sets a level playing field, the laws and policies to bolster private sector growth and expansions.
The state and the private sector are twin brothers.
One is not above the other nor better than the other.
The business confidence is set up by the Government.
All investors make decisions to put in their dollar into an economy powered by the Government’s confidence, trust and comradeship, on good faith.
The State basically regulates (laws) and performs regulatory functions. The state is not an investor nor a private sector.
The state is a public sector.
The government must give confidence, curve out the horizons for our private sector.
Like everyone that is confused, the private sector is equally confused on what we mean by “take back PNG”.
This is just a, vague statement.
The Porgera decision is raising the eyebrows of the private sector too.
I have confidence in the government if the reappointment of Issac Lupari is true.
He is the man in the hot seat to resurrect what is a fast-eroding confidence.
The Covid-19 is wrecking economies all over the world.
Big, powerful nations are scaling down business operations.
PNG is no exception.
Lupari must now sit in the cockpit and advise the Government to give confidence to Porgera miner, Oil Search and others.
Give them what they want with your terms and conditions too.
Give assurance to Total and ExxonMobil for Papua LNG and Pn’yang gas developments.
When you give them assurance and confidence, they may dig further into their balance sheets to reinvest, riding at the assumptions that the global trends may pick up soon.
Please let’s not kid around anymore!