Kerenga Kua

"I extend my thanks to Mr Kua for being one of the nation’s longest-serving petroleum ministers, serving in this role from June 2019 until the 2022 elections. Following the elections, he took on the additional responsibility of Energy as the world undergoes a rapid transition to green energy," stated Prime Minister Marape.

“In the recent Cabinet reshuffle announced on Thursday, January 25, Mr Kua was relieved of his role as Petroleum Minister to concentrate on Energy but has chosen to resign voluntarily.”

Modelling of the new Exotica North Gas Prospect indicates a 90 percent probability that it holds 3.6 trillion cubic feet of natural gas. This would rank the prospect alongside other top-tier petroleum assets currently in production in PNG.

The research was conducted by Peak Oil (PNG) Pty Ltd (‘PEAK’), a privately owned Australian company which has extensive acreage over the New Ireland Basin.

Speaking at the 17^th Papua New Guinea Chamber of Resources and Energy’s Investment Conference in Sydney, Minister Kua said this latest find is exciting news for PNG.

Minister Kua emphasized that the insurance business is growing and is well-positioned in a stable environment.

“And that does impact on insurance business there is profile increases. And it has a direct bearing on the premiums that you pay so there is inflation in premiums,” Kua stated.

He stressed another challenge was finding suitable underwriters internationally who can share the risks of underwriting business in PNG.

Minister for Petroleum and Energy Kerenga Kua announced in a recent media conference that the declaration was effective 1^st September, and ends 30^th September, 2023.

Kua said the objective is to achieve long-term measures to ensure a stable, uninterrupted fuel supply in the country.

He made this remark when commenting on the Attorney General Amendment Bill 2022 presented by Justice Minister, Bryan Kramer this week in Parliament.

Minister Kua recommended for the Advisory Committee created under this amendment Act to look into regulating fees charged by lawyers. Minister Kua who is a lawyer by profession said lawyers are charging the same rates across the board without regard of their years of experience.

Mr Lupari said the P'nyang PRL3 had expired five years ago and to date the Government through the Petroleum Advisory Board (PAB) has not made any decision. 

“Why is the PAB and the Government sitting on it? The good Minister and the Government know that the APDL lodged by ExxonMobil in haste failed all the requirements, both technical and commercial, under the Oil and Gas Act,” he said. 

Mr Lupari added that it is now incumbent upon the PAB and the Government to do is what is right in accordance with the Law. 

He made this call during Parliament today when questioned by Gulf Governor, Chris Haiveta on the update on the formal agreement signing of the Pasca A project.

Governor Haiveta raised concerns that his Provincial Executive Council members have been coming to Port Moresby for three consecutive times for the signing, which never eventuated.

“We came for the signing but no paper to sign so we left,” Mr Haiveta said.

He further alluded to a statement released by Twinza recently questioning the deals by the State Negotiating Team.

The Government and Twinza agreed final terms for the Pasca A Gas Agreement, which were reflected in an agreement that both parties committed to use. Negotiations was completed last month and signing is pending.

The Gas Agreement delivers all of the Government’s stated objectives from the project and provide the highest State take of any resource development in PNG, with over 60 per cent of project value (55 per cent nominal State take) as announced by Minister Kua on July 13,

These include PRL 48, 49, and 50 of the already discovered gas fields of Kimu, Barikewa, and Uramu.

The three fields have a best estimate of contingent resources (2C) of slightly over 2 trillion cubic feet (tcf) of gas with approximately 50 – 60 million barrels condensate.

Minister for Petroleum, Kerenga Kua, today presented the licenses to KPHL Managing Director, Wapu Sonk.

PRL 48, 49, and 50 represent the already discovered gas fields of Kimu, Barikewa and Uramu, in which KPHL will work towards developing.

This coincides with the signing of the Fiscal Stability Agreement (FSA) yesterday.

In a statement, Minister Kua said the application for extension was received by the Department of Petroleum from the PRL 15 Joint Venture Partners on February 3^rd and technical reviews followed until February 8^th when the Petroleum Advisory Board (PAB) recommended to the Minister to grant the extension.

Minister Kua said the PRL 15 license has good standing in the last two terms (10 years) and the JV Partners have met work commitments under the license conditions.