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    99 Posts.

    This is an article in todays Post Courier Mail in PNG and goes to highlight how rich PNG is in oil and Gas. Very soon the market is going to realise this.

    Oil industry stands tall

    PAPUA New Guinea’s oil industry, rich though it is, may be the only sector that has not been riddled with corruption, inducements, favours and kickbacks.
    This is according to ChevronTexaco asset manager Mike Casey who yesterday gave the keynote address during the
    celebration of PNG’s 10th anniversary of first oil export in Port Moresby.
    This hard-driven message was contained in Mr Casey’s concluding remarks when he addressed executives from the petroleum and resources industry during the anniversary celebrations at the Crowne Plaza Hotel in Port Moresby’s central business district.
    Notably absent were Papua New Guinean politicians and bureaucrats to celebrate this milestone in the country’s historic first export of oil on June 27, 1992 from the Kutubu oil fields.
    Present, though, was the Secretary of the Petroleum and Energy Department Secretary Joseph Gabut.
    Operational excellence, production and cost control under the supervision of ChevronTexaco and its partners, including landowners, were the main attributes of Kutubu, Gobe and now Moran’s world class oil exports, Mr Casey said.
    In particular, Mr Casey thanked landowners for their support over the years, which has also seen revenue derived by their companies worth up to K480 million since 1991. The joint venture itself had expended over K140 million in tax-credit schemes through infrastructure, health, education and training over the years.
    “I’m a firm believer that in the next 20-30 years, there is going to be someone, somewhere, producing oil and gas in PNG,” Mr Casey said. “This industry is going to persist well beyond the lifetime of many of us today.”
    Mr Casey also paid tribute to the expertise developed over the years by ChevronTexaco, which has now culminated in 81 per cent of the workforce being Papua New Guinean.
    “These values I suggest are a part of the greater contribution made to PNG by the oil industry and bringing a lasting benefit that is more than just money,” he said.
    “There is a way of doing business that is ethical, that is honest and truthful, that believes in technical excellence and full value for a day’s pay.
    “Inherent in these values are corporate standards that reject entirely the notions of sly money and inducements, of favours and kickbacks that are common in so many industries in too many countries — sadly a feature of daily life in some quarters of our society.

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