04-03-2013, 10:55 AM
Pet, can only guess at this point. I don't think Frank Kramer will be the managing director of the revamped DPE. That was my mistake. I do believe though that as CEO of NPCP he and the rest of the BOD of NPCP will oversee subsidiaries like Kumul Petroleum. If you watched the EMTV videos of Micah and Kramer I think we get a picture of what this umbrella will look like. When NEC quickly rejuvenated NPCP in late February they made it clear that it would replace Petromin. Petromin was very slowly transitioning to just petroleum projects but their biggest weaknesses are/were high corruption and no real assets. They've failed all along the way to do what they were firmed to do. So if you look at the charter of Petromin and how it was to own and manage the State's interests in petroleum projects, you'll see what NPCP will be.
But NPCP will be part of a much larger umbrella of State owned entities; IPBC. This is IPBC's website and you can see what all they own:
http://www.ipbc.com.pg/
This speech by Micah last September gives a lot of good info on the plans for the "umbrella". In it he mentions, "We are also sponsoring a plan to rehabilitate and upgrade the Port Moresby power supply through a similar Public-Private Partnership model, although negotiations with the private sector have been put on hold for the time being." I believe that is the project JAPEX signed on to be part of back in 2010, but Petromin screwed things up so badly because the plan was for JAPEX to invest in EA and use some of the gas for the PM power supply. But we know what happened there. Now NPCP has been fired up and a new agreement was signed in Japan with JAPEX. I bet things will move forward.
http://www.ipbc.com.pg/PDF_files/2012073...revise.pdf
DPE will be revamped into the new entity which will mirror the Mineral Resources Authority which functions so well. If Duma survives he will be part of the new entity but the board will be set up like the mining board;
Board Composition
The Board consist of nine members
Four representing the public sector and
Four representing the private sector with
The Managing Director being the ninth person
That DPE transition appears to be in process. This is the MRA website and we'd expect the PRA to be very similar:
http://www.mra.gov.pg/Home.aspx
As we noted some time ago, the DPE website has been trashed for quite a while:
http://www.petroleum.gov.pg/
But NPCP will be part of a much larger umbrella of State owned entities; IPBC. This is IPBC's website and you can see what all they own:
http://www.ipbc.com.pg/
This speech by Micah last September gives a lot of good info on the plans for the "umbrella". In it he mentions, "We are also sponsoring a plan to rehabilitate and upgrade the Port Moresby power supply through a similar Public-Private Partnership model, although negotiations with the private sector have been put on hold for the time being." I believe that is the project JAPEX signed on to be part of back in 2010, but Petromin screwed things up so badly because the plan was for JAPEX to invest in EA and use some of the gas for the PM power supply. But we know what happened there. Now NPCP has been fired up and a new agreement was signed in Japan with JAPEX. I bet things will move forward.
http://www.ipbc.com.pg/PDF_files/2012073...revise.pdf
DPE will be revamped into the new entity which will mirror the Mineral Resources Authority which functions so well. If Duma survives he will be part of the new entity but the board will be set up like the mining board;
Board Composition
The Board consist of nine members
Four representing the public sector and
Four representing the private sector with
The Managing Director being the ninth person
That DPE transition appears to be in process. This is the MRA website and we'd expect the PRA to be very similar:
http://www.mra.gov.pg/Home.aspx
As we noted some time ago, the DPE website has been trashed for quite a while:
http://www.petroleum.gov.pg/