Minister for Petroleum and Energy Nixon Duban during the announcement this afternoon said the petroleum industry is growing and needs an avenue to market it to the potential investors.
“The summit will showcase PNG as an investment destiny in the oil and gas market.
“We believe PNG have not been marketed properly and the timing is right for world to know PNG as prospect market,” Minister Duban said.
Kumul Petroleum Holdings managing director Wapu Sonk during the same occasion said the future looks bright for the country and the timing is right to market the industry as the world oil and gas market will increase in the coming years.
“The conference will help in bringing potential investors and create access and opportunities for the oil and gas industry,” Sonk said.
He added that developing the oil and gas industry can help in electricity generation to support electricity access to PNG household which now stands at 13 per cent.
The summit is scheduled to run from 28 February to 1 March in 2017 in Port Moresby.
It will be organized and run by CWC Group, which is international renowned in marketing hydro-carbon reserves and energy in the world.
Kumul Petroleum Holdings and the Department of Petroleum and Energy will co-host the conference which is likely to bring investors from around the world to the little known Pacific Country.