The Petroleum Development License 1 (PDL1) Clan Bank Account Program has been extended till Monday 6th of May, 2024.
The Mineral Resources Development Company (MRDC) said the extension is a necessary measure to resolve issues with meeting minutes. The meeting minutes reflect the collective consensus of the respective beneficiary clans, in appointing their clan executives.
The Clan Meeting Minutes are crucial for appointing clan executives who will be signatories to the Clan Account. Due to this ongoing engagement and due diligence, the clan account opening will begin on Monday 6 May 2024.
MRDC in collaboration with the Papua New Guinea Electoral Commission, and the Department of Petroleum, is conducting due diligence and vetting all Clan Minutes for clans for their respective Blocks. Once this is completed Bank of South Pacific will proceed with the account opening.
MRDC is committed to opening the account and paying the long-standing benefits to the PDL 1 beneficiaries.