PM: Petroleum Sector Development Focus

Focus must now turn tothe next phase ofthe petroleum sector development in PNG Prime Minister Peter O’Neill made this remark when openingthe 2-day Petroleum Seminar in Port Moresby today.

The Petroleum Seminar isthe first of two important resource sector seminars being held this week.


Hundreds, including overseas industry participants gthered atthe Crowne Plaza today for the 201PNG Petroleum Seminar.


Hosted bythPNG Chamber of Mines and Petroleum,the seminar hadthetheme “Transforming The Economy: The Gas Era.”


Chamber PresidentoGerea Aopi, said that while much focus has been onthe significance ofthPNG Liqueflied Natural Gas Project withthe first LNG exports just aroundthe corner,the mining sector, however, is suffering from falling commodity prices.


Prime Minister Peter O’Neill said thatthe “gas era” offers a once in a lifetime opportunity to transformthPNG economy, but stressed thatthe transformation must deliverthe maximum benefits forPNG and its 7 and a half million people.


He said it was time that focus was put onthe next phase and to mover into partnership with gas sector tenement holders and potential investors to diversify, and maximizethe economic and social benefits that will flow from future projects.


Mr. O’Neill saidthe government is inthe process of setting up a separate company, Kumul Petroleum, to managethe equity and participation inthe gas sector, with a separate company, Kumul Mining, to do likewise inthe mining sector.


He said Kumul Petroleum and Kumul Minerals have been charged to bethe pro-active drive forthPNG Government as an investor inthe projects that it holds equity in, on behalf ofthe nation.

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