South Pacific Resources Ltd. welcomed comments by Papua New Guinea's (PNG) Minister for Petroleum and Energy Ben Micah Thursday confirming the government's commitment to develop unconventional hydrocarbons industry in the country.
"In doing so, and in confirming the reservation of significant license areas, the Minister is fulfilling the State's previous commitments made to South Pacific Resources Ltd. in acknowledgement of the Company being the first mover in shale gas in PNG," the firm said in a press release.
The company also found it encouraging that Minister Micah has confirmed that PNG state-owned Kumul Petroleum Holdings will be heavily involved in the country's shale gas industry as South Pacific Resources has been in discussion with Kumul on the subject for some time.
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