Minister: Department reviewing ‘issued’ petroleum licences

 THE Department of Petroleum and Energy is undertaking a review into all issued petroleum licences in the country, Petroleum and Energy Minister Nixon Duban says.

He said the exercise was carried out to deal with issue of compliance by investors. “Licences are very lucrative documents or assets that companies own to do exploration and they acquire a lot in this country.

“Licencing conditions will be reviewed and those who want to come into our country and acquire licence must go through some very detailed compliance requirements … they don’t just walk in and grab licences.

“It will undermine the credibility of our country if we start giving out licences.

“We are mindful of the interest by foreign companies to participate on the development of the gas resources. We have taken that intervention now that the department has not taken any serious reviews on licences after a while. 

“I’m sure many people in the industry may be offended because they’ll feel that they have taken the risk to choose PNG as an investment destination but again we as a government have issues of compliance that we must emphasise and that cannot be compromised.”