Petroleum Minister Jimmy Maladina has welcomed an announcement by Sinopec yesterday to establish a Papua New Guinea subsidiary to undertake drilling and seismic work in the country.
Mr Maladina met with Xiao Yi, Deputy Director for Geophysical and Engineering at Sinopec in Port Moresby where the decision was confirmed.
“We welcome Sinopec’s decision to establish a subsidiary in Papua New Guinea. This demonstrates investor confidence in our resources sector and the government’s policy direction,” Mr. Maladina said.
“Drilling and seismic activities are critical to the future of our petroleum industry. Sinopec’s technical expertise and global experience will complement our efforts to grow the industry responsibly and sustainably.
Mr Xiao Yi reaffirmed the company’s commitment. “Our establishment of a subsidiary in Papua New Guinea reflects our long-term interest. We are ready to contribute our technical strengths and work alongside the government and stakeholders.”
The Minister confirmed that the Government would continue to support investment in the oil and gas industry. Sinopec International Petroleum Service Corporation (Sinopec Petroleum Service) a wholly owned subsidiary of Sinopec Group, manages and coordinates the Group’s overseas upstream operations.
With more than 50 years of petroleum service experience, Sinopec has delivered projects across China and internationally, including seismic, drilling, construction, and pipeline works.
The company is ISO 9000 certified, and has successfully undertaken projects in Africa, the Americas, the Middle East, Asia, and beyond. Sinopec Petroleum Service is committed to partnerships that strengthen its global brand and contribute to the development of Papua New Guinea’s petroleum industry.