PNG Petroleum Department Reveals K14 million Outstanding License Fees
Papua New Guinea Secretary for the Department of Petroleum and Energy, David Manau, has revealed that 71 petroleum prospecting licenses have not fulfilled all their payment obligations. Mr. Manau said based on a due diligence search carried out by the department's licensing section, it found that the defaulters owe the state approximately 10-million Kina in annual Petroleum Retention License rental fees. He said there's an additional outstanding of 4-million Kina that needs to be recouped from past defaulters. The newly appointed Petroleum Secretary said the Department has undertaken a review of all the licenses operating in the country.