Prime Minister Peter O’Neill told a crowd that the funding was not a free cash handout but for infrastructure development in project areas.
He said the government has a duty to honour agreements between landowners and the state but with strict compliance to the Oil and Gas Act and Public Finance Management Act.
O’Neill gave K20 million for Petroleum Development Licence 1 (PDL1); K10 million for PDL2; PDL 3 and PDL 4 – K8.2 million; PDL5 – K6 million; PDL6 – K12 million; PDL7 – K15 million; PD8 – K12 million; and PDL9 – K11 million.
He said Gulf landowners would get K16
million and Central landowners K11 million for infrastructure development.
He announced the government’s commitment of K10 million for the Tari international airport, K3 million for Koroba High School, K2 million for Kopiago to Tari road, K5 million for Angore to Tari road and K5 million for Tari town roads.
O’Neill was accompanied by Hela Transitional Authority chairman and Tari-Pori MP James Marape and senior ministers.
He said the amounts would be parked in each petroleum development licence trust account with signatories of the accounts comprising the LLG presidents, provincial administrator, and National Planning and Finance secretaries