05-13-2013, 04:41 AM
The nature, legal and spirit of the PNG petroleum laws are supportive of private developers. The developers rights are protected by law and by agreements with the State. The goal for the State is to entice private money to explore, locate and bring to market national hydrocarbon resources for the benefit of the nation. The O&G world has been investing and trying to invest in PNG and it's not because they fear being mistreated by a corrupt Gov't.
This is why Duma could not legally cancel IOC's PA with his threat last June of a 180 day cancellation trigger, there was no legal grounds for that threat. Vinson eloquently told PNG they had no such right at that time and Vinson has been proven correct. IOC has been productive in the field, locating the largest fields in PNG which will enrich the nation, generous with State participation, considerate of the local landowners with humanitarian efforts and, as far as we know, been above board politically when dealing with PNG officials. The State has shown an interest in working with IOC, granting them license extensions when needed and helping with the PRL 15 SD efforts. IOC's stance has been that they are doing what is needed of them on the license front and they have never been fearful of a Gov't not working with them in a legal manner. After all, it benefits the State to bring the resources to market and sooner is better than later.
This is why Duma could not legally cancel IOC's PA with his threat last June of a 180 day cancellation trigger, there was no legal grounds for that threat. Vinson eloquently told PNG they had no such right at that time and Vinson has been proven correct. IOC has been productive in the field, locating the largest fields in PNG which will enrich the nation, generous with State participation, considerate of the local landowners with humanitarian efforts and, as far as we know, been above board politically when dealing with PNG officials. The State has shown an interest in working with IOC, granting them license extensions when needed and helping with the PRL 15 SD efforts. IOC's stance has been that they are doing what is needed of them on the license front and they have never been fearful of a Gov't not working with them in a legal manner. After all, it benefits the State to bring the resources to market and sooner is better than later.