Petroleum Resources Gobe Ltd
The Gobe Petroleum Project is located in Erave District of the Southern Highlands Province and Kikori District of Gulf Province. It is Papua New Guinea’s second oil development after the Kutubu project. Oil was first discovered in the area in 1990s, a petroleum development licence was granted in December 1996 and the actual oil production began in March 1998. Gobe Oil Project is located in PDL 3 and 4, the first unitised petroleum project in the country. The Gobe Petroleum Project is operated by Oil Search (PNG) Limited.
Petroleum Resourcs Gobe (PRG)
PRG Limited is a subsidiary of Mineral Resources Development Company Limited (MRDC). It was incorporated under the Companies Act on January 28, 1997 to acquire local landowner’s equity interest in the Gobe Petroleum Project. It manage 2% equity in the Gobe Petroleum Project on behalf of the project landowners in the Southern Highlands Province.
PRG falls under this mandate, and as manager and agent of PRG, MRDC manages, control and runs all PRG’s corporate, financial investments and other affairs under a management agreement.
The Benefit Structure
