The Mineral Resources Development Company (MRDC) spearheaded the launch and facilitation of the Petroleum Development License 1 (PDL1) Clan Bank Account Opening for the landowning communities of the PNG LNG project in Hides, Nogoli, Hela Province on May 21.
This account opening process enables the clans to access their rightful royalty and equity entitlements through their bank accounts.
Prime Minister Hon. James Marape presided over the occasion in Hides, accompanied by distinguished guests, stakeholders and representatives from project partners.
MRDC Managing Director Mr. Augustine Sanga Mano lauded the efforts of MRDC, the Department of Petroleum and Energy (DPE), and BSP bank staff who, over the past two months, have worked closely with the landowners for this event.
"I am pleased to announce that 90 of the 121 clans have fulfilled the compliance requirements and are now poised to open their bank accounts," Mr. Mano remarked. "This marks a notable milestone, and I extend my gratitude to the landowners and their leaders for their collaborative efforts thus far."
He reiterated the MRDC and the Department of Petroleum's commitment to assist the remaining clans in addressing any outstanding issues in the days ahead.
Independent observers oversaw the meticulous clan meetings over the preceding two weeks, during which representatives from the Department of Petroleum and Energy received the meeting minutes and resolutions to uphold transparency.
“The people are ready. An impressive 96 out of 121 clans have fully complied with the process. This week Bank South Pacific will open their clan bank accounts through which they will receive their royalty and equity benefits,” Mr. Mano said.
Despite a report of a minor incident, Mr. Mano was pleased that most of the clans came out to welcome the BSP and MRDC officials for the opening of their respective clan bank accounts.
“The PDL1 beneficiaries have waited patiently since 2014. They must not wait any longer. This is a momentous occasion, and they should feel happy and look forward to receiving what is rightfully theirs,” he said.
Mr. Mano said that MRDC, DPE and other stakeholders would ensure that the remaining 19 clans complete their account opening compliance process.
The next step after the account opening is the election of directors, which the Electoral Commission will facilitate in June to elect new directors to represent the landowners' interests.
Independent observers are on the ground overseeing the account opening process, ensuring its integrity and transparency, the MRDC said.
“This additional measure, initiated by MRDC, underscores our commitment to a fair and transparent implementation of the program,” said Mr. Mano.
