Photo: PM Marape and Acting Minister for Commerce and Industry Hon. Soroi Eoe with the National Gold Bullion Policy 2023.-PM’s Office Media Prime Minister Hon. James Marape says the landmark National Gold Bullion Policy 2023 complements his Government’s vision to fully industrialise the economy. He said this on May 12, 2023 when launching the compre...

Photo: PM Marape meeting with the Korean delegation on Friday.-PM’s Office Media Prime Minister and Acting Foreign Affairs Minister Hon. James Marape says relations between Republic of Korea and Papua New Guinea are “very important”. He said this was exemplified by trade between the two countries worth worth US$1.8 billion (K6.33 billion) in 2022, a...

Photo: PM Marape in discussions with Indian High Commissioner to PNG H.E. Imbasekar Sundaramurhti and Chief Liaison Officer H.E. Visvas Sapkal.-PM’s Office Media Prime Minister and Acting Foreign Affairs Minister Hon. James Marape says Papua New Guinea is ready to host Indian Prime Minister Hon. Narendra Modi from May 21-22. He said this after a hig...

After years of neglect, the Central Governor's office of Central Province has been renovated under the leadership of Central Governor Honorable Rufina Peter. The inauguration took place on May 5th, 2023, at the Central Provincial Government office in Konedobu. "When I first took office, the two places that I inspected were the Governors office of Centr...

ExxonMobil has appointed Tera Shandro, currently Senior Opportunity Evaluation Advisor to the ExxonMobil CEO & Management Committee, as its new Chairperson and Managing Director at ExxonMobil PNG Limited. Shandro takes over from outgoing Chairman and Managing Director, Peter Larden, who will become the Senior Upstream & Low Carbon Solutions Adv...

Photo: Mrs Iarume with RJI Manager Pat Niuni at the Aumbi lodge. In a district, so fragmented by lawlessness and an absence of government service and community leadership, few individual leaders in Porgera who have been on the ground trying to maintain hope for the people are now feeling that glimmer of hope begin to diminish as community and local sta...

Photo from left to right: Luke Liria (KPHL), Richard Kassman (TotalEnergies), Wapu Sonk (KPHL), Jean Marc Noiray (TotalEnergies), Marie-Alix Dognin (Total Energies), Evan Shellshear (UBIDY). Credit: Kumul Petroleum Holdings Limited To increase job opportunities for Papua New Guineans, the country's national petroleum frontrunner Kumul Petroleum Holding...

Photo: PM Marape with International Trade and Investment Minister Hon. Richard Maru and Vice-Minister Hon. Kessy Sawang at the launch of the SEZ Summit on Sunday night.-PM’s Office Media Prime Minister Hon. James Marape says “a sustainable economy is a diversified economy”. He said this on Sunday (May 7, 2023) night when opening the three-day Papua ...

The Global Dialogue on Seafood Traceability (GDST) announced on the 18th of April 2023 that the Fishing Industry Association of Papua New Guinea's (FIA PNG) version of Fisheries Information Management System (iFIMS) software has successfully passed the GDST Capability Test. [1] The GDST Capability Test is an online platform that allows businesses invol...

The Honorable Minister for International Trade and Investment, Richard Maru, MP, announced recently that the Marape Government has made a historic decision to establish for the first time, the National Trade Commission Service, starting with establishing eight new Trade Missions around the world this year with the first Trade Mission to be established in ...

PNGX, Papua New Guinea’s national stock exchange, will adopt new Listing Rules from 3 July 2023. The new Listing Rules are a key step towards the development of a more effective secondary market in Papua New Guinea. They contribute to ensuring that PNG has a world class capital market that is internationally respected and recognized. PNGX’s Listing ...

PNGX, Papua New Guinea’s national stock exchange, will move to faster settlement of trading from 3 July 2023. PNGX’s Business Rules, which govern the trading and settlement of all trades on the market by stockbrokers, will be amended to require settlement on the second day after a trade (T+2), which is faster than the current 3 days (T+3). The propo...

The Autonomous Bougainville Government has called on the Papua New Guinea Government to consider a special economic zone from Bougainville as it prepares to host its international summit on Special Economic Zones next week. ABG Acting President Hon. Patrick Nisira made the call in a media conference yesterday where he also announced an open invitation ...

Photo: Chairman David Burbidge  According to the Independent Power Producers of Papua New Guinea, the debts of PNG Power Limited (PPL) to independent power producers (IPPs) have exceeded K500 million. IPPs are the primary source of electricity for PPL, and the accumulation of arrears has reached a critical level where it cannot continue without severe ...

BSP Financial Group Limited (BSP) has appointed Nuni Kulu as the new Group Chief Operating Officer (GCOO) on Wednesday 26th April, 2023, making Ms. Kulu the first Papua New Guinean woman to have this leadership role in its history. With a career that spans over 25 years in the banking industry, Ms. Kulu entered as a graduate trainee in 1998, before mov...

Photo: BSP Group General Manager for Corporate Banking Peter Beswick “Business sentiment is robust following the announcement of the Papua LNG project reaching the front-end engineering and design (FEED) phase and Porgera’s resumption progress announced by Barrick CEO in early April,” according to the BSP Quarter 1 2023 Economic Insight report. BSP’...

Photo: BSP Group General Manager Treasury Rohan George  “Lower commodity prices and the delay in Porgera’s resumption is expected to prolong distress in PNG’s foreign exchange market,” according to the BSP Quarter 1 2023 Economic Insight report. BSP’s Group General Manager for Treasury, Mr. Rohan George said “FX market turnover in the March Quarter ...

The PNG Chamber of Mines and Petroleum (“The Chamber”) has confirmed its council and executives for its next term at its 35th Annual General Meeting held at the Hilton Hotel in Port Moresby last week. President for the Chamber Mr. Anthony Smaré and Senior Vice President- Mr. Richard Kassman (Total Energies) were re-elected unopposed. Vice President Philip...

Santos refers to its announcement of 27 September 2022 regarding the binding conditional offer from Kumul Petroleum Holdings Limited (Kumul) to acquire a five per cent interest in PNG LNG for asset value of US$1.4 billion, including a proportionate share of PNG LNG project finance debt of approximately US$0.3 billion (the Offer). On 23 December 2022, Kumu...

Photo credit: AG Energy Limited Project to Provide Resilience to Port Moresby's Energy Grid Power is considered as the major backbone for all nations throughout the world including PNG on the basis of which the development of the country depends. Within this context, Energy has become an essential element in man's efforts to meet basic human needs, ...

Photo: PM Marape in a previous meeting with President Biden last year. Prime Minister Hon. James Marape says Papua New Guinea is ready to receive both US President Joe Biden and Indian Prime Minister Hon. Narendra Modi next month (May). PM Marape said this recently (Saturday, April 29, 2023) after the White House officially confirmed today that Pres...

John Rosso, Deputy Prime Minister of Papua New Guinea and Minister for Labour and Immigration, on Friday 21st April announced the reactivation of the multiple-entry component for the short-term business visa for holders of eligible passports. Mr Rosso said the duration of the multiple business visa is 12 months with a 60-day maximum duration for each v...

Photo: BSP Group CEO Mark T. Robinson According to the Pacific Economic & Market Insight report, the US$10 billion (K35.2 billion) Papua LNG project is expected to complete the FEED phase in Q4-2023 or Q1-2024, by when the final investment decision (FID) is expected. BSP Group Chief Executive Officer Mr. Mark Robinson said, “The project represen...

Photo: Santos Managing Director and Chief Executive Officer Kevin Gallagher. Photo credit: Attila Csaszar Strong sales revenue and free cash flow Sales revenue of US$1.6 billion in the first quarter First quarter production of 22.2 mmboe was lower than the prior quarter primarily due to reduced domestic gas volumes in Western Australia supporte...