As reported by The National newspaper, Kua told an energy conference in Port Moresby that the authority would be charged with the administration of the Oil and Gas Act.
He said the authority was expected to be fully operational by the end of the first quarter 2024, adding that the country's ownership and management of petroleum and energy resources would be moved from current concession-based arrangement to petroleum production sharing regime.
Kua said that following that, the government would introduce a new constitutional law known as Organic Law on Petroleum Production Sharing, which would establish the constitutional and legal foundation for the new production sharing regime.
The National reported that Kua said the production sharing provisions of the organic law would not apply to Bougainville and oil and gas developments like PNG LNG, Papua LNG and P'Nyang, which are projects under existing gas development agreements.
He said the other legislative components of the reform agenda included the Petroleum Production Sharing Act; National Content for the Petroleum Act; and Domestic Market obligation Act.