Celebrating
In Papua New Guinea
1975
Establishment
Mineral Resources Development Company (MRDC) was established as a 100% state owned company to hold and manage the State and Landowners equity interests in mineral and petroleum development projects in Papua New Guinea.
1989
Incorporation of Petroleum Resources Kutubu Ltd (PRK)
Petroleum Resources Kutubu Ltd (PRK) was incorporated under the Companies Act in December 1989. PRK holds a 6.75% interest in the Kutubu project (PDL2) on behalf of landowners, the Southern Highlands, and Gulf Provincial Governments.
1992
PNG’s First Oil Production
In June 1992, oil production began at the Kutubu oil fields, marking Papua New Guinea’s first major petroleum project.
1996
Establishment of Orogen Minerals Limited
Orogen Minerals Limited, a subsidiary of MRDC, was launched and listed on the Australian Securities Exchange (ASX). The company offered 49% of its shares to the public through an Initial Public Offering (IPO), and the State’s equity interest in mining and petroleum projects was transferred to Orogen.
1997
Formation of Petroleum Resources Gobe Ltd (PRG)
Petroleum Resources Gobe Ltd (PRG) was incorporated in January 1997. It holds a 2% interest in the Gobe oil project on behalf of landowners.
1998
Gobe and Moran Oil Production Commence
Oil production began at the Gobe project in March 1998, followed by the start of production at the Moran oil project in January 1998.
2000
Incorporation of Petroleum Resources Moran Ltd (PRM)
Petroleum Resources Moran Ltd (PRM) was incorporated in January 2000, holding a 2% equity interest in the Moran project on behalf of landowners.
2002
Orogen Minerals Merges with Oil Search Ltd
Through a government policy decision, Orogen Minerals Limited merged with Oil Search Ltd. The State retained an 18.1% stake in the merged entity, which was later transferred from MRDC to the Independent Public Business Corporation (IPBC).
2007
State Interest in Eda Oil Transferred to Petromin PNG Ltd
In 2007, the State’s interest in Eda Oil was transferred to Petromin PNG Ltd. MRDC’s role shifted to managing the beneficial interests of project area landowners and respective provincial governments.
2020
Enactment of the MRDC Authorisation Act
Parliament enacted the MRDC Authorisation Act 2020, replacing the MRDC Privatisation Act 1996. The new legislation strengthened MRDC’s governance framework and its trustee subsidiaries while removing political influence over their operations.