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May 29, 2022

Resource PNG Episode – 5, 2014

In this episode:

We showcase two interviews one with Jenni Lean, GM of Heritage Oil and the other with Dairi Vele Acting Secretary for the Department of Treasury

Jenni Lean:

1. Oil discoveries and the associated logistics that make exploration successful

2. Heritage Oils current PPLs that are located in close proximity to existing markets and we hear about prospects in Western and Gulf Province.

Dairi Vele:

1. How the PNG LNG project will be a game changer for National Revenues for the next 50 to 60 years

2. As a young resource Nation Mr. Vele speaks of 5 elements which he thinks necessary to be recognized as a country coming of age.      

3. Talks about about how the consolidation of mining and petroleum assets will           maximize opportunities and how this will tie in well with the sovereign wealth fund.

4. Money is redistributed from sovereign wealth fund into annual budget allocations.

5. Mechanism of having a separate savings entity for resource wealth and the need for   better transparency.

6. How the Government intends to achieve a saving mechanism through investing in       capacity building.

7. Overview of the extractive industries transparency initiative EITI.

8. How EITI will be addressed through the flow of information from sub-national to         grassroots levels.

9. Clarifies equity arrangements in the PNG LNG project.


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