Political descretion

[admin]

A question which might become relevant in the near future. Despite bad headlines coming out of PNG the stock price held up well (at least so far). Does InterOil, in any way, rely on some parliamentary approval to go forward? I think most licenses and regulatory stuff are for ministerial discretion, if not for bureaucrats. Treaty amendments (the 2009 one) might be the exception though. Any ideas?

[Bincbanker]

I think it is a bureaucratic issue , we have the Oil Act signed , Petromin is the Gov't body to sign away .

Having said that Duma did make this process political, perhaps no offical is willing to sign off on it

[admin]

Yes, and nominally, there is even a functioning Government. Or so says the Supreme Court. Even if they work out of a hotel..

[Palm]

Problem is O'Neill's administration has been ruled unconstitutional. Neither he nor Somare have been sworn in as PM. Since Petroleum & Energy Minister approves licenses, etc. I would be a little nervous as IOC or anyone else. Who do you look to for approval? This will all be resolved very quickly so the gov can function, but is interesting situation.