Participation by Papua New Guineans in the ownership and development of our minerals, oil and gas resources through profitable partnerships for our future prosperity.
To generate and effect asset acquisitions and investments and efficiently manage shareholder interests in petroleum and mining resources through ownership and revenue gains, including reinvesting in profitable revenue generating projects for the collective benefit of society, and thereby deliver profitable returns to the shareholders.
Petromin Corporate Objectives are defined by the enabling legislation as follows;
- To operate as a commercial enterprise at least as efficiently as a comparable business (in the resource sector) in PNG.
- To maximise the value of the Shareholder's investment in the Company through:
- Developing mining and petroleum tenements in PNG acquired from the State and others, whether directly or as a nominee of the State; and
- Reinvesting in socially responsible projects which benefit society and which make a profitable return to shareholders.
- To engage in mineral and petroleum exploration, evaluation and development, both upstream and downstream, and in the marketing, transportation and sale of minerals and petroleum products.
- To operate in accordance with principles of sustainable development, international best practices and taking account of environmental considerations.
- To operate with a sense of social responsibility towards the best interests of affected communities.
- To do all such things in pursuance of these objectives, anywhere in the world, whether alone or with others, as principal agent, contractors, trustee, Joint Venture partner, and regardless of whether through agents, sub-contractors, trustees, or otherwise.