Oil Search paid roughly K 2 billion to landowners in PNG


OIL Search PNG paid $ 700 million (K 2.3 billion) to landowners between 2010 and 2020, according to a company official.

Senior Director of Sustainability Lucinda Gulluman-Kisip told a workshop that the oil company has supported landowners in building the foundations of business structures, systems, training and maintaining the monitoring of conformity.

“We have been impacted not only in the business development space but in other areas since February 2019 by the Covid-19 in the way we work with our landowner companies and also with the fall in oil prices” said Gulluman-Kisip. “So between 2010 and 2020 we have around 700 million US dollars, around 2 billion K in PNG kina that was paid in contracts with landowner companies.

“This represents about 35% of the payment made to PNG suppliers and contractors.

“There is still a lot of work to be done with landowners and last year we revised our approach to landowner business development.

“In terms of the bottom line and what we want to archive from the work we do in business development, it’s about the income streams of benefits that flow to communities and helping landowners to be financially viable by apart from their relationship with oil. Look for.

“In this context, we want to support them in the diversification of their activity. “

Oil Search’s current footprint covers one million hectares of land, production and pipeline licenses, retention and exploration licenses, six producing oil fields, one producing gas field and a major opportunity to develop. gas development.

Next: Santos – Oil Search Merger Will Add Value To Projects, Says PNG Prime Minister Marape

It covers three provinces: Hela, Southern Highlands and Gulf.

Source link

Leave A Reply

Your email address will not be published.