Papua New Guinea's Mineral Resources Development Company is happy with the increase in oil prices above US$60 (K207.90), the company's managing director Augustine Mano has said.
Mano said last year the average oil price was at “historical lows”.
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| MRDC Managing Director Augustine Mano. Photo credit, MRDC |
“This year is better than last year given the oil price is above US$60,” he told The National.
“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 said revenues for the Kumul Petroleum Holdings Ltd, MRDC and the petroleum sector would be significant.
Last year was a big struggle for the MRDC-managed petroleum entities with the low oil prices having a huge impact on dividends and royalties.
The company is registered under the Companies Act 1997 and wholly owned by the State which manages interest for petroleum, gas and mining entities.
TheNational / Pacific Mining Watch