The PNG Extractive Industries Transparency International (PNGEITI) has applauded Oil Search and Kumul Petroleum Holding’s Limited (KPHL) for its disclosure on the amount of oil and gas resources in the country.
In a statement, PNGEITI Head of Secretariat, Lucas Alkan, said “Such disclosure by leaders in Oil and Gas companies in the country goes to show that they are investing with the true spirit of transparency and accountability and this is what EITI is all about.”
During Oil Search’s 2017 Annual General Meeting, Managing Director, Peter Botten, announced that according to their data, they have only tapped into 40 per cent of Oil and gas resources.
Botten revealed that an untapped oil reserve of seven billion barrels remained.
KPHL Managing Director, Wapu Sonk, has also announced in the media that 30 per cent of PNG’s on-shore gas has been discovered.
There is also potential for off-shore gas.
Alkan said “The National Secretariat is clearly of the view that extractive companies are willing to commit to the EITI reporting process and we highly appreciate this”
“This is one of the ways in which we can attract competiveness in the petroleum market and the end result is a well-coordinated approach to do business in the petroleum sector.
“We welcome the disclosure of such information and we hope to see more cooperation and support from the industry as we strive to promote,” Alkan added.
PNGEITI aims to promote accountability and transparency around the management of petroleum and mineral wealth from PNG.