Kerenga Kua

Insurance business moving towards stability

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.

Kua makes second declaration of emergency

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

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

Regulate Legal Rates: Kua

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.

“Clarify Status Of P’nyang PRL3”

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. 

Kua Warns Resource Company

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.

Gov’t Put On Notice

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,

KPHL awarded PRL’s

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.

Petroleum Retention License (PRL) extended

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 3rd and technical reviews followed until February 8th 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.

LOs determination stopped by injunction

Minister Kua said a National Court injunction taken out by the Purari Development Association is preventing Papua LNG Project lead developer Total, from presenting him the Social Mapping and Landowner Identification (SMLI) Report.

Kua said with the signinig of the Fiscal Stability Agreement, they can now focus on addressing the court injunction, and begin working with landowners from both Gulf Province, which hosts Papua LNG, and Central Province.

PNG LNG Project Agreement review over due

Minister for Petroleum, Kerenga Kua, said he was recently informed of this in a letter by Government Stakeholders.

Minister Kua revealed this during the benefit rollout announcement in Kikori Station, in Gulf Province.

During the benefit rollout for Segment 7 of the PNG LNG Project Pipeline Landowners, Petroleum Minister, Kerenga Kua, revealed that the PNG LNG Project Agreement is well over due for a review.

The PNG LNG Project Agreement was signed in May 2008.