PETROLEUM Minister Hon. Jimmy Maladina is leading a delegation of senior officials from the Department of Petroleum and the State Negotiating Team to undertake feasibility assessments on production sharing agreement (PSA) arrangements in Malaysia and Indonesia.
The delegation met with senior officials from Petronas Malaysia on the 22nd of February 2025 to discuss the regulatory frameworks and fiscal regimes in their energy and hydrocarbon sectors.
“Our purpose is to gain insight into regulatory frameworks, fiscal regimes, and institutional arrangements within the energy and hydrocarbon sectors.”
“These learnings will help us shape significant reforms in Papua New Guinea,” Minister Maladina said.
The visit follows the National Executive Council’s(NEC) approval of drafting instructions for the National Petroleum Authority (NPA) Bill and amendments to the Oil and Gas Act 1998.
Minister Maladina emphasized that these engagements are crucial to ensuring PNG adopts best practices in managing its oil and gas resources.
“We want to assess various production sharing arrangements and fiscal regimes in these countries to determine what could work best for PNG,” he stated.
“The insights gained from these discussions will be invaluable as we enhance our regulatory and fiscal frameworks.”
The Petroleum Minister reaffirmed the government’s commitment to thorough consultations with stakeholders to deliver effective reforms, including the establishment of the NPA in 2025.
“We will continue engaging with industry stakeholders to ensure the reforms, including the establishment of the NPA in 2025, serve the best interest of PNG.” The Minister concluded.
