The National Government has indicated that a National Gas Policy will soon be realised.
Petroleum Minister Fabian Pok, speaking at the 2nd PNG Petroleum & Energy Summit, said the policy was a priority of government through the Second Alotau Accord.
With PNG still regarded as an ideal investment destination for the oil and gas sector, Petroleum Minister Fabian Pok announced the government’s intention to finalise the National Gas Policy.
Speaking at the opening session of the 2nd PNG Petroleum & Energy Summit, Minister Pok said the policy would form the basis of future project negotiations within the oil and gas space. He says this is being done in line with the Second Alotau Accord, which seeks to maximise benefits for Papua New Guineans.
The announcement by Minister Pok comes at a time when the country is now progressing with numerous projects, one of which is the Total led Papua LNG Project, a project which the government believes will play a major role in supporting the country’s economy.
The development of a national gas policy is in line with reforms to the current Department of Petroleum & Energy, with plans for the Department of Petroleum to become the National Petroleum Authority similar to what the Mineral Resource Authority is to the Mining sector. Something which Minister Pok says is aimed at promoting more transparency within the lucrative oil and gas resource sector.