Firms agree to work with group to implement change

TWO resource companies in the country have agreed to work with the PNG Extractive Industries Transparency Initiative (PNGEITI) to implement changes, it is carrying out in the extractive sector.
They are the operator of the US$19 billion (K59 billion) PNG LNG project ExxonMobil PNG Ltd, and the operator of Porgera gold mine in Enga Barrick (Niugini) Limited.
The PNGEITI this week said companies directly involved in the petroleum and mining sectors would be required to disclose information regarding their beneficial owners from 2020.
Beneficial owner(s) of resource projects (mine, oil and gas companies) refer to the natural person(s) who directly or indirectly owns or controls a corporate entity or company.
A spokesperson for ExxonMobil said the company was committed to promoting integrity.
“ExxonMobil PNG is committed to upholding the highest standards of integrity in all of our operations. We are actively engaged in transparency programmes.
“Good governance and revenue transparency are critical to ensure that the value of the country’s natural gas resources leads to a higher standard of living and increased opportunities for the people of PNG.”
The spokesperson said ExxonMobil PNG Limited was a member of Transparency International and supported the United Nations Convention Against Corruption.
“We strongly support Papua New Guinea’s efforts to achieve EITI candidacy, and have been, along with other industry and civil society stakeholders, part of the process alongside the PNG government.”
Barrick Niugini Limited and its Porgera Joint Venture partners welcomed the transparency changes for the extractive industry and looked forward to working with Government agencies “to accommodate the changes where they are applicable to our business”.