PNG regulator set for new start as statutory body

Guardian: PNG Petroleum & Energy Minister William Duma

RUSSELL SEARANCKE

By Russell Searancke Sydney

 06 December 2012 23:59 GMT

Papua New Guinea’s oil and gas industry is celebrating a government decision to convert the under-performing upstream regulator into a statutory authority.

It is understood the main differences between the current regime and the statutory authority are that industry players will pay a levy to fund the authority, and an independent board and managing director will oversee and provide expertise, without compromising regulatory authority.

Under the new system, the authority will also be able to pay higher salaries than current regulator, the Department of Petroleum & Energy (DPE).

The DPE has under-performed for years, and industry body — the Chamber of Mines & Petroleum — has lobbied at length for it to be replaced by…

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