The increase of oil prices above US$60 (K207.90) has made Papua New Guinea’s Mineral Resources Development Company satisfied.
According to the company's managing director Augustine Mano, the average oil price last year was at “historical lows”.
“This year is better than last year given the oil price is above US$60,” he said. “Last year, the oil price average was at a historically low and on average for the year around US$32 (K110.88). With the Covid-19 pandemic, companies around the world struggled. PNG was no different. If the price holds at US$60 for this year, it will be a strong recovery for the MRDC group.”
Mano added that the revenues for Kumul Petroleum Holdings Ltd, MRDC and the petroleum sector would be important.
