International

PNG must get maximum benefit from oil, gas: Kua

PETROLEUM Minister Kerenga Kua: says the current legal framework governing the petroleum sector does not position PNG to gain maximum benefit from its oil and gas resources.
Kua was responding in Parliament yesterday to questions from North Fly MP James Donald on the need to review the oil and gas laws.“The current legislation and legal framework governing our oil and gas resources in the country does not position our people and the country to gain maximum benefits form the oil and gas resources that we have,” he said. “I have been taking about these on the floor of Parliament when I was on the other side of the House.“We have realised this need and my department is to review our existing legal framework so that our people and the country receive maximum benefits.”
He said the immediate priority would be to review the Papua LNG Gas Agreement signed by the Government and project developers early this year.“We are not necessarily looking at abolishing the gas agreement that is being signed.“But we are looking at taking an audit of the agreement signed so that it is done in compliance with the existing systems and process of governance and laws that we have in the country.“If there are issues of non-compliance, then of course it is fraud and will be addressed appropriately following proper process of governance.”He challenged other ministers to look at the operations of their organisations and legislation and undertake reviews and reforms to make them efficient in generating revenues.“Apart from the petroleum sector, we have the fisheries, forestry, mining, agriculture, transport, police and others where we can generate revenue and I am challenging colleague ministers to re-look at your respective organisations,” Kua said.

https://www.thenational.com.pg/png-must-get-maximum-benefit-from-oil-gas-kua/