In an interview with EMTV, Minister for Petroleum and Energy Nixon Duban, said although a small project, the Stanley Gas project has a good number of benefits which the State managed to come up with through the State negotiating team recently.
Minister Duban stressed that the bulk of the issues raised at the Stanley Gas Forum in Kiunga relates to legislative reviews on the Oil and Gas Act.
Most of the benefits from the Stanley Gas Condensate Project are said to set the precedence for future oil and gas projects in the country.
Most of the shift in the project agreement for the Stanley Gas Condensate Project forum was achieved because of the precedence that the project will set for future projects in the oil and gas industry.
Minister responsible, Nixon Duban, however, emphasised that most of the issues raised at the forum must be considered through legislative reviews.
One of the benefits is the 15 percent gas reserve under the Domestic Market Obligation which currently, mining giant, Ok Tedi Mine has indicated interest.
Being a very small project compared to the PNG LNG Project, the State Negotiating Team secured a 10 percent National Content Plan for locals to participate in contracts and business spin-offs.
Meanwhile, Minister Duban said on the issue of landowner equity, the government will pursue the proposed 5 percent equity, however, that is also subject to legislative changes.
error: Content is protected !!