Minister says P’nyang project ‘not ruled out’

Business

PETROLEUM and Energy Minister Kerenga Kua says discussions on the P’nyang gas project may be reopened if there is a need to do so.
Kua told a gathering in Port Moresby on Tuesday when delivering 12 key performance indicators for the department for this year.
“First, we might consider the future potential and reengagement in the P’nyang negotiations,” he said.
“That’s an option that is still out there, it has not been ruled out.
“If an opportunity pops up, it will be part of our KPIs to take that into our hands and work it through proper protocols.
“Second, the Government wants us to reform the entirety of the Oil and Gas Act.
“Based on the advice we have received, they say that it will be necessary to amend our Organic Law and then we proceed to the enactment of the Oil and Gas Act itself.
“We are making reasonably good progress in that space. So we are looking at a new Organic Law and a new Oil and Gas Act.
“In there we will look at areas like equity split, production sharing arrangements, domestic market obligation, national content, adequate forex and new fees and charges.
“Thirdly, we will be looking at creating a new Energy Authority under its own enabling legislation – the Energy Authority Act.”
Kua highlighted other KPIs.

One thought on “Minister says P’nyang project ‘not ruled out’

  • We have heard of all the policies and acts after acts over the years. Can some smart people in there calculate total value of the existing reserves across the oil & gas fields and put it onto monetary value and let PNG know if our petroleum sector can help offset the k20 billion loan owed to exim bank, imf etc. PNG must know the facts and figures coz economy is crumbling.

Leave a Reply