Hela Province Governor Philip Undialu has congratulated the Mineral Resources Development Company (MRDC) and Department of Petroleum for facilitating the opening of Hides Petroleum Development License 1 (PDL1) Bank Accounts Opening in Hela Province, Papua New Guinea.
Governor Undialu commended this monumental achievement, saying: "I am pleased to see landowners started opening accounts with BSP at Juni, Hides. This is a historic moment we all have been waiting for."
MRDC, DPE and Bank South Pacific (BSP) collaborated successfully to eventuate the project in the resource-rich province despite challenges, he added.
The initiative saw the participation of 97 out of 120 clans in electing their executives, with 23 clans currently in mediation. However, the JP Karai Block remains embroiled in a court dispute, highlighting ongoing challenges in the region's resource governance.
The culmination of Clan Executive mediations paves the way for the final step in the entitlement process – the election of Block Leadership. These elected leaders will subsequently form two Gas Resources Companies in accordance with the Hides PDL1 License-based Benefits Sharing Agreement (LBSA), ensuring fair and transparent distribution of benefits.
Governor Undialu extended his appreciation to MRDC and BSP for their pivotal roles in resolving this longstanding issue. "I am happy with MRDC and congratulate the team led by Managing Director Mr. Augustine Mano for resolving this long-standing issue," he said.
