Changes made to oil, gas act

 AMENDMENTS to current Oil and Gas Act are underway to cater in the interests of the country, Petroleum and Energy Minister Nixon Duban (pictured) says. 

He said many new petroleum projects were being developed in the recent years and that called for amendments to be made to the Act.

“We’ve taken an audit on the oil and gas Act – the project agreement of the gas,” Duban said.

“We will be pushing some amendments on the Oil and Gas Act which will try and cater for the interest of this country. I see that the oil and gas act at this point in time is not able to accommodate the whole changes, we must benefit from our resources.”

Duban was speaking during the swearing in of new board members of Konebada Petroleum Park Authority in Port Moresby yesterday. 

Duban said the petrochemical park would be built as a result of the gas projects that were being developed in PNG, and amendments needed to be made to the Act so that it catered for the recent petroleum project developments.

He added that the park, to be built outside Port Moresby, could host many petrochemical investments which PNG would benefit from.

“When this park is developed, the money that it will bring to the economy would be massive. It is located at an ideal spot where we can host a number of major downstream processing activities. We want to see downstream processing. When this park is developed, the money that it will bring to the economy would be massive,” Duban said.