The Papua New Guinea Government has announced plans to consolidate all of the country's mining, oil, and gas assets into a single state-owned enterprise.
ABC News reports Prime Minister Peter O'Neill said the move would cut down bureaucracy and help deliver more returns to the community.
“We're not taking advantage of the value of many of those assets and we are not developing a skill base and management experience for our citizens,” he said.
“So that is why it's important that now we create one holding company, which will hold all the oil and gas assets.”
O'Neill said the consolidation would also help improve transparency in the industry, and legislation aiming to legalise the restructure will be tabled in parliament later this year.
The move follows another major mining reform undertaken by PNG earlier this year that saw a reworking of traditional landowner rights.
Under the proposed changes traditional owners on the copper-rich island of Bougainville will share mineral rights with the Government, strengthening their power in helping decide how development goes ahead.