Petroleum

Resource law amendments expected this year

Prime Minister, James Marape, says resource laws will be amended over the next two years to build a solid foundation for the economy.

Prime Minister Marape said some of the policy fundamentals will be put in place, and legislative amendments and laws passed over the next two years before the 2022 National Elections.

Marape said amendments to resource laws will be brought before Parliament.

Current reviews include the Oil & Gast Act and the Mining Act.

Petroleum prospecting licences in default: Dept

Outgoing Acting Secretary of the Department, Lohial Nuau, revealed during the hand-over take-over ceremony of the Secretary role to permanent Secretary, David Manau.

The Department of Petroleum and Energy initiated the license review in 2015.

During Nuau’s tenure, 70 PPLs were reviewed for compliance purposes in respect to annual records.

40 licences were found to be in default, owing the state millions of Kina.

“Seven of the defaulters have been sent default notices with a total value in arears including penalties amounting to K1.8 million,” said Nuau.

PNG Loop's Breakfast Bites

PNG has 'best' law for petroleum industry

http://www.looppng.com/content/png-has-best-law-petroleum-industry

Papua New Guinea has one of the best laws governing the petroleum sector, says an industry expert.

Local boxing club gets new gear

http://www.looppng.com/content/local-boxing-club-gets-new-gear