As a response to the statements delivered by The Chamber of Mines and Petroleum, Petroleum Minister Kerenga Kua said that the government expected the petroleum and mining industries to make sure that the production sharing contract regime was engineered and designed in line with the law.
PNG Chamber of Mines and Petroleum has earlier criticised the proposed introduction of the government of the production sharing contract regime under a suggested organic law.
“(It is important) that the regime continues to enable the contractors/developers to make a fair return on their investment while it delivers to the expectations of the people,” Kua said. “The chamber and its membership can rest assured the Government and the Kumul Companies will not lose sight of this make-a-break bottom-line requirement for investors in oil and gas, and minerals in PNG. This requires maturity and understanding on both sides.”
He added that for any serious proposal, this can be implemented in the interest of the people and “can only be thought through, created and implemented by the Government”.
“Any government has a constitutional responsibility under section 25 of the Constitution (National Goals and Directive Principles) to determine, craft and implement a regime that enables the Government to discharge that Constitutional responsibility for the long-term benefit of the people,” he said.
