Petroleum and Energy Summit

Speaking at the 3^rd Petroleum and Energy Summit, Petroleum Minister Fabian Pok said this is to weed out any non-compliance in the licence awarding process.

The review covers all Petroleum Prospecting Licence (PPL), Petroleum Retention Licence (PRL) and Petroleum Development Licence (PDL).

The Minister announced that the review was to stop what he alleges are abuses within the licensing process.

“The abuse that have been common practice in the awarding of licences will not be tolerated anymore.

O’Neill told delegates at the 2^nd Petroleum and Energy Summit in Port Moresby yesterday that though the shutdown of the PNG LNG Project will cost the Government a lot of money, they will recover.

PM O’Neill however said the partnership with development partners is very important as Government cannot work alone but go in partnership for a win-win situation for both parties.

He said the Government will be working closely with ExxonMobil and Oil Search for the reoperation of the PNG LNG Project.

The Prime Minister,  Peter O’Neill, told the delegates at the Petroleum and Energy Summit today in Port Moresby that the Government and donor partners are doing all they can to cater for the people during the disaster.

PM O’Neill said the country was about to get favourable revenue income from the PNG LNG Project as the price of oil and gas is at an improvement stages but was denied after the 7.5 magnitude earthquake.

He said the impact of the disaster on the local communities is devastating but thanked the donor partners for their quick response.

The venture will see the company provide gas power and renewable energy during the lifespan of the Papua LNG project which is anticipated to begin construction next year.

Total PNG CEO, Philippe Blanchard, said during the Petroleum and Energy Summit in Port Moresby that the company has been preparing for this with the establishment of the company’s ‘gas power and renewables’ arm.

“The ambition of the company through that fourth branch is to be able to within 20 years have 20 per cent of its business coming from gas power and renewables.

The summit was officially opened by Prime Minister, Peter O’Neill, in front of more than 300 current and potential investors.

The opening session included speeches by O’Neill, Minister for Petroleum and Energy, Nixon Duban.

Speakers from various major investors included Director Oil and Gas Division, Ministry of Economy, Trade and Industry (METI) Yuki Sadamitsu, Chief Fuel Transaction Officer & Senior Vice President Exceutive, JERA Co. Inc, Hiroki Sato, and Dr Fereidun Fesharaki of the FGE.