Petroleum Bill nod from Chamber

THE Chamber of Mines and Petroleum has welcomed Minister Fabian Pok’s announcement that he will table a Bill on the proposed National Petroleum Authority (NPA) in parliament this year.
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Staff Reporter

Chamber president  Gerea Aopi said it had been many years since the PNG government agreed to establish a National Petroleum Authority and it was commendable that Pok had undertaken to finalise preparation of it.
The Chamber says the NPA will play an important role in regulating PNG's oil and gas sector, which has grown in importance since commencement of LNG exports in May 2014.
"In the coming decade LNG exports from this country will double, reinforcing the role of the oil and gas sector as the largest contributor to the PNG economy and a player in international markets," said Aopi.
Aopi said a similar transformation has occurred in PNG's mineral sector with the passage of the Minerals Resources Authority Act in 2005. In the ensuing years MRA had developed in-house expertise to monitor and regulate all aspects of mineral exploration and development, including safety and health issues.
This structure, Aopi said, was run and managed by highly qualified Papua New Guineans.
"In carrying out its functions in a professional manner, the NPA will enhance PNG's competitiveness as an investment destination and improve training and employment opportunities for young Papua New Guineans. It will also ensure greater transparency in the issuance of licenses," Aopi said.



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