Bank Accounts Opened for Hides PDL1 Beneficiaries

Mineral Resources Development Company (MRDC) Managing Director Mr. Augustine Mano is pleased that the majority of the benefitting clans in the Hides Petroleum Development License 1 area are now ready to receive their royalty and equity benefits through their bank accounts.

“The people are ready. An impressive 96 out of 121 clans have fully complied with the process. This week Bank South Pacific will open their clan bank accounts through which they will receive their royalty and equity benefits,” Mr. Mano said.

Mr. Mano commended MRDC, Department of Petroleum and BSP officials for the hard work they have put in over the last two months to create awareness and get the clans to participate in the compliance process in preparation for the eventual payment of the benefits.

Despite reports of a minor law and order incident, Mr. Mano was pleased that the majority of the clans came out in full force to welcome the BSP and MRDC officials for the opening of their respective clan bank accounts.

“The PDL1 beneficiaries have waited patiently since 2014. They must not wait any longer. This is a momentous occasion, and they should feel happy and look forward to receiving what is rightfully theirs,” he said.

Mr. Mano reiterated that MRDC, DPE and other stakeholders will continue to work with clan leaders to ensure the remaining 19 clans complete their account opening compliance process.

The next step after the account opening is the election of directors. The election will be facilitated by the Electoral Commission in June, where new directors will be elected to represent the landowners’ interests.

Independent Observers are on the ground overseeing the account opening process, ensuring its integrity and transparency.

“This additional measure, initiated by MRDC, underscores our commitment to a fair and transparent implementation of the program,” said Mr. Mano.