With an aim to effectively manage and regulatethe country’s energy resources,the new Mining & Petroleum Authority is expected to be fully operational by 2015.
The minister saidthe Mining and Petroleum Authority will replacethe current Department of Mining & Petroleum.
The intention is to makethe new entity a more robust and efficient regulator of Papua New Guinearsquo;s energy sector, in particularthe hydrocarbon sector.
Mr. Duma saidthe State Solicitor has approverd and providedthe Certificate of Necessity that’s now pavedthe way for the government to approverthe establishment ofthe Authority.
“This initiative ofthe O’Neill government reflectsthe government’s efforts to embrace and recognizethe massive foreign investment in our country’s petroleum and renewable energy sectors.”
Once established,the Authority will have its own Minister as its political head. Underthe political head will comethe Beard of Directors andthe Chairman ofthe Authority, who will govern overall operations. The Petroleum & Energy Advisory Council will oversee regulations and policy affairs andthe Managing Director will run administration and operational functions.
Minister Duma saidthe draft legislation will be widely circulated tothe industry to ensure objective feedback.
The Ministry and Department have approverd a work program which will commence early next year. Mr. Duma saidthe establishment ofthe Authority is to increasethe country’s international investor confidence. The new Authority is expected to be in full operation by 2015.
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