As Papua New Guinea (PNG) marks its 50th anniversary, the country’s petroleum sector has received a significant boost with the announcement that Sinopec will establish a subsidiary to undertake drilling and seismic work.
The announcement was confirmed in Port Moresby on 24 September, when Minister for Petroleum Jimmy Maladina met with Xiao Yi, Deputy Director for Geophysical and Engineering at Sinopec.
Maladina welcomed the move, calling it a clear signal of investor confidence in PNG’s resources sector and the government’s policy direction.
“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,” he said.
The minister underscored the importance of the company’s planned activities, noting their role in shaping the industry’s future.
“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,” he added.
Xiao reaffirmed Sinopec’s long-term interest in PNG, emphasising the company’s readiness to contribute to the country’s petroleum development.
“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,” he said.
Maladina assured that the government remained committed to supporting investment in the oil and gas sector, saying partnerships such as this would continue to drive growth.
The new subsidiary will operate under Sinopec International Petroleum Service Corporation (Sinopec Petroleum Service), a wholly owned arm of Sinopec Group. With more than 50 years of petroleum service experience, the company has delivered seismic, drilling, construction, and pipeline projects across China and internationally. It is ISO 9000 certified and has successfully executed projects in Africa, the Americas, the Middle East, and Asia.
Sinopec said it was committed to building partnerships that not only strengthen its global brand but also contribute to the responsible and sustainable growth of PNG’s petroleum industry.
