According to managing director Wapu Sonk, Kumul Petroleum Holdings Ltd (KPHL) will seek funding from abroad to build gas fields in the Kimu, Barikewa, and Uramu in Kikori, Gulf. He stated that funding would be determined by the form of construction chosen by the group. Sonk was answering questions two weeks after KPHL received the petroleum retentio...

According to the Asian Development Bank's 2021 forecast, the extractive and agricultural industries are projected to expand in 2021. Mine and quarry production could rise in 2021 and 2022, according to the ADB's recently issued forecast for 2021, as favourable international metal prices spur production. The Lihir and Ok Tedi mines, both multibillion...

According to the company's board member, all PNG Air employees will be retained after the acquisition by Link PNG. The key goal of the acquisition, according to PNG Air chairman Augustine Mano, is to achieve a viable airline industry in order to secure PNG Air's future, creditors, and personnel said a letter from the board to management and staff of PN...

The Independent Consumer and Competition Commission (ICCC) is worried about the Climate Change and Development Authority's (CCDA) proposed new carbon levies or extra excise duties. The ICCC expressed its reservations in a recent media release, stating that there has been a lack of substantive meetings with the impacted sectors on the issue, as well as ...

The Port Moresby Chamber of Commerce and Industry has asked the government to pay over K100 million in unpaid dues to its members in order to help them develop their businesses. Stacey O'Nea, the Chamber's chief executive officer, stated that they are not after free handouts or a stimulus budget for companies; rather, they want what is owed to them to ...

Philip Taula, New Zealand's High Commissioner, and Flagon Bekker, Managing Director of PNG Power Limited, have signed a funding agreement for the Enga Electrification Project, paving the way for work on the Ramu grid extension to begin. Under the five-nation PNG electrification Partnership, New Zealand and Australia are co-funding the initiative. It...

On Tuesday, May 4, 2021, Papua New Guinea Prime Minister James Marape will formally start the vaccine roll-out in the country at the APEC House in Port Moresby. Government ministers, regional governors, and dignitaries, including delegates from PNG's foreign partners, are scheduled to attend the presentation, which begins at 10 a.m. David Manning, P...

A Papua New Guinea transparency group wants the government to reveal more information on how the Covid-19 solution is funded. With over 10,000 cases and 100 deaths, Papua New Guinea has become the Pacific nation worst affected by the pandemic, but the real tally is estimated to be much higher due to poor testing speeds. At this time, there have been...

According to South Pacific Brewery managing director Ed Weggemans, the national isolation strategy's ban on the selling of alcohol has resulted in a sales loss of K21.46 million. According to Weggemans, this amounted to an 85 per cent drop in the volume of sales in the closed channels, which would have provided K17.08 million in excise duty and K4.38 m...

The Ok Tedi Development Foundation (OTDF) has unveiled its five-year strategic business strategy for the years 2021-2025. The strategy aims to realign the company's policies and services to meet practical goals. This aligns with OTDF's goal of empowering the Western Province's Community Mine Continuation Agreement (CMCA) societies and related bodies...

The Australian government will contribute K190 million to the Connect PNG road project. The funds will be used to construct the Trans-Island Highway, which will link Momase to the Southern and Highlands regions. The Australian government has decided to fund the PNG government's transportation program, according to Minister for Treasury Ian Ling-Stuc...

Link PNG and PNG Air have reported that they have reapplied to the ICCC for Link PNG to buy a minority stake in PNG Air. PNG Air and Link PNG also agree that ICCC acceptance would help Papua New Guineans and visitors. The planned joint venture between Link PNG and MRDC is focused on PNG Air being an independent airline, setting its own airfares and ...

The Asian Development Bank (ADB) has been thanked by the Prime Minister for its long and constructive support for PNG's development. PNG's main multilateral financing partner, the ADB, has been active in the country's growth for 50 years. Prime Minister James Marape, Treasurer Ian Ling-Stuckey, Finance Minister John Pundari, Works Minister Michael N...

The National Energy Authority Bill, 2020 was passed by the National Parliament with an overwhelming majority of 73 to 0. The National Energy Authority Bill was created to control renewable and non-renewable energy production, storage, delivery, and retailing. The Act will also cover the following functions: Governing the oil market by overseei...

According to the Independent Consumer and Competition Commission, Trafigura Group has filed an application for approval for a potential purchase of an additional interest in Puma Energy Group (ICCC). On a public note, Trafigura's commissioner and chief executive officer Paulus Ain stated that Trafigura was already the largest shareholder in Puma and th...

Negotiations between Twinza Oil Ltd and the Papua New Guinea government are likely to proceed, according to an economist, but refusing to change conditions at the last minute sends a disappointing message to international investors. Marcel Schroder, an economist with the Asian Development Bank's macroeconomic analysis division, was referring to the gov...

Petroleum Minister Kerenga Kua sees a bright future for the Oil and Gas industry. According to Kua, the price of a barrel is currently over US$60 (K207.63). “The outlook for the industry is still good and positive and the industry is still in very strong shape,” he said.  The Covid-19 pandemic, he said, remained a challenge to the industry. Ho...

President Ishmael Toroama of Bougainville has said that any talks on the infamous Panguna mine will be placed on hold until the government is satisfied that all parties concerned are happy and determined to speak about reopening the mine. When unveiling the Autonomous Bougainville Government's Independence-ready mission to the citizens of Roreinang in ...

Treasurer Ian Ling Stuckey told Parliament that K5.7 billion was spent as part of an economic recovery plan on "the economic battle." He explained that the money was not solely spending on COVID-19 and that the government had invested K2.5 billion in COVID-19 bonds and K1.5 billion in friendly international assistance. Mr Ling-Stuckey said K600 mill...

According to Petroleum Minister Kerenga Kua, the window for talks on the Twinza's Pasca A gas project is still open. Mr Kua was referring to Twinza Oil Limited, saying that the current terms of the arrangement are not suitable for any investor and that the firm has asked its Pasca A project team to stand down. Although he acknowledges Twinza's reser...

A government official is worried that the country will suffer significant consequences as a result of the foreign trade restrictions. The decline in domestic demand, according to acting chief trade officer Richard Yakam, has already been felt. Yakam praised the government for announcing the reopening of the Porgera mine but added that the other majo...

Passengers leaving internationally on Air Niugini will now be expected to take a 45-minute COVID-19 test prior to check-in. The airline said in a statement that the new provision, which went into effect recently would affect all passengers flying to Australia, as well as Singapore, Hong Kong, Manila, and all other foreign destinations served by Air Niu...

To combat the economic impact of the coronavirus pandemic, Treasurer Ian Ling-Stuckey is exploring additional funding for small and medium businesses. “This latest and very severe wave of COVID-19 is having very serious impacts across all of Papua New Guinean society,” he said. “We are not only fighting it to save precious lives, but we are also trying...

Kumul Petroleum Holdings Ltd (KPHL) is well-positioned financially and technically to manage the new gas fields in Kikori, Gulf, and is prepared to participate in other resource ventures such as Papua LNG. Wapu Sonk, the company's managing director, said this in response to the government's decision to grant the national oil and gas company wholly owne...