Chamber president backs establishment of authority

THE PNG Chamber of Mines and Petroleum and the industry are fully committed to the establishment of the Petroleum Resources Authority (PRA) – a very important Government initiative, president Gerea Aopi says.
Speaking at a conference in Sydney this week, Aopi said: “With Papua New Guinea’s hydrocarbon sector expanding, it is imperative that the country has a well-resourced regulatory body.
“PRA’s establishment is key to alleviating many of the constraints the Department of Petroleum is currently facing.
“Its establishment will also assist in both increased E&P activity and commercialisation efforts, improved governance systems and a well-resourced organisation that is able to manage the world-class oil and gas sector in PNG.
“We as an industry recognise the Government’s desire to update PNG’s mining legislation to meet the challenges of the 21st century and we fully support the development of legislation that encourages investment and provides a better outcome for PNG and its people.
“Ensuring a regulatory, legislative and fiscal environment that is conducive to investment is vital for securing this prosperity by attracting investors and delivering a consistent and predictable flow of government revenue.
“We at the chamber are ready to support this review process so that together we can make sure PNG continues to enjoy the significant returns from the mining industry.
“I would like to re-emphasis here that the chamber and the industry will continue to work alongside you and your government to ensure there is consultation and greater dialogue on key industry policies.
“We will support Government’s desire to review the Mining Act, and are ready to support the establishment of a Petroleum Resources Authority.”