IPBC disbanded and means PM and former PMs rule

[petrengr1]

“I’m also certain they will be welcomed by companies we are partners with in the development of our mining, oil and gas resources.”

O’Neill said all staff of Petromin and IPBC would be redeployed to the new entities, and would not suffer any loss of entitlements.

Anyone troubled by this statement?

hudsojo

Not at all because staff are paid employees, not the BOD. Petromin and IPBC retained staff will be mostly technical people. The decision makers will be in Kumul Trust which will be managed by "independent and highly professional managers", and former prime ministers will hold voting shares with O'Neill having veto power. Then they will all be accountable to NEC. DPE will be changed so that it has less decision-making ability.

The rats have been sniffed out and the SOEs going forward will be under much more scrutiny to be more accountable. Will still be some bumps but they are getting the right structure in place.

Palm- "DPE will be changed so that it has less decision-making ability."

I certainly hope you are right about this but, as you know, the Oil & Gas Law gives the Minister of Petroleum a very strong hand in controlling what goes in the Oil and Gas Industry. It looks like reducing his authority would require a change of the Law.