Minister for Petroleum and Energy, Nixon Duban, has directed the review of all prospecting licenses of Oil and Gas projects in the country.
Minister Duban revealed this in a statement yesterday. He said this is to extinguish unlisted foreign companies abusing licensing regime by wholesaling licenses to high bidders. Duban added that all licenses will go under through reviewing to ascertain status of companies and verify their seriousness over prospective permit areas.
The Petroleum and Gas Minister was concerned as some of the licenses were used by speculators to raise money for themselves at the detriment of Papua New Guinean’s and its people.
After the review is completed, the Minister will seek Cabinet direction with permit holders’ not demonstrating capacity in their areas. “I will take possession of all reports scrutinize every single report”, he added.
Mr Duban concluded that the review is necessary for the Government to establish which investors or license holders should be given attention and offered concessions in the oil and gas sector.