Moran Petroleum project is located in the Komo - Margarima District of the Hela Province from 2012. It was Papua New Guinea’s third oil development after the Kutubu and Gobe oil projects. Oil in Moran was first discovered in the late 1990’s,and production commenced in 1998. The Moran field is relatively close to Lake Kutubu, and the Iagifu - Hedinia oilfields. The Moran Petroleum Project is operated by Oil Search (PNG) Limited.
PRM Limited is subsidiary of Mineral Resources Development Company Ltd, incorporated under the PNG Companies Act on January 28, 2000 to carry the landowners equity interest in the Moran Petroleum Project (PDL 5). It manages the 2% equity in the Moran Petroleum Project on behalf of the project landowners in the Southern Highlands Province.
MRDC is mandated by the State to manage resource landowners interest in both mining and petroleum projects. MRDC manages and controls all corporate, financial investment and other affairs of PRM under a management agreement.