Santos achieved a new production, revenue, and underlying profit record in the last financial year. According to Kevin Gallagher, Managing Director, and CEO, these results were driven by strong customer demand and higher commodity prices. During the recent annual general meeting, Gallagher emphasized that 2022 was the first full-year period after the merg...

Photo: Panguna Mine. Credit: Stefan Armbruster Bougainville President Ishmael Toroama has warned against people seeking to destabilise the Panguna Legacy Impact Assessment that is ongoing within areas affected by the now defunct Panguna Mine. President Toroama issued the statement following the move by several parties who are trying to raise a class...

Photo: Mr. Sylvester Pokajam, President & Chairman of Fishing Industry Association (PNG) Inc. In response to a recent media publication regarding the scaling down of operations of one of the country's major fish processing operators, the Fishing Industry Association (PNG) Inc. has clarified and maintained that the country's tuna stock is still in a...

Photo courtesy of New Guinea Highlands Coffee The agriculture sector in the country has been experiencing an upswing in production activities, as noted by the Minister for Agriculture, Aiye Tambua. Notably, coffee, coconut, and oil palm have been the major commodities that have seen a significant increase in their production. According to the Coffee...

Prime Minister Hon. James Marape says the State and Papua New Guinea will be the biggest winners in the giant Wafi-Golpu Mine in Morobe with a 55 per cent take in the economic benefits of the project. PM Marape said this after the landmark signing of the Framework Memorandum of Understanding between the Independent State of Papua New Guinea and Wafi-Go...

Photo credit: ADB The Pacific is expected to sustain its economic recovery, with growth across all of Asian Development Bank’s (ADB) Pacific developing member countries this year, according to the Asian Development Outlook (ADO) April 2023, ADB’s flagship economic publication, released today. Pacific economies expanded by an average of 5.2% in 2022 ...

Photo: KPHL managing director Mr Wapu Sonk (centre) with Mr Zheng Lijun, President SNEC and Mr Chen Lie, Vice President CSCEC, at the MOU signing ceremony The Kumul Petroleum Holdings Limited fabrication facility is now one step closer, after the signing of an MOU with two international companies to oversee the engineering, procurement and construction...

K92 Mining Inc. announces production results for the first quarter (“ Q1 ”) of 2023 at its Kainantu Gold Mine in Papua New Guinea, of 21,488 oz AuEq or 17,593 oz gold, 1,651,297 lbs copper and 29,859 oz silver. Sales during the first quarter were 17,602 oz gold, 1,538,590 lbs copper and 29,164 oz silver. During the first quarter, the process plant deli...

Photo credit: Wafi-Golpu JV Wafi-Golpu Joint Venture (WGJV) participants, Newcrest and Harmony Gold (through their respective PNG subsidiaries) have today signed a Framework Memorandum of Understanding (MOU) with the Independent State of Papua New Guinea at a signing ceremony which was attended by the Governor General, the Prime Minister and key member...

Photo: President of the PNG Chamber of Mines and Petroleum Mr Anthony Smaré Last year, the 16th Papua New Guinea Mining and Petroleum Investment Conference and Exhibition was held from 5th to 7th of December 2022 at Sydney Hilton Hotel. The event was hosted by the Papua New Guinea Chamber of Mines and Petroleum with the theme "PNG Resources: Securing t...

Papua New Guinea’s economy has recovered above its pre-pandemic GDP, with high commodity prices and the removal of COVID-19 restrictions accelerating economic growth to 4.5 percent for 2022, the World Bank’s latest Economic Update for Papua New Guinea has found. The World Bank Papua New Guinea Economic Update reports that PNG’s fiscal deficit is estima...

Photo: Mr. Benny Popoitai Minister for International Trade and Investment, Hon Richard Maru today announced the appointment of Mr. Benny Popoitai as the Director to Papua New Guinea National Stock Exchange (PNGX). Mr. Popoitai’s appointment was made pursuant to Section 12 (1) of the Capital Market Act 2015. “It gives me the great honor and privilege...

Photo: Minister for International Trade and Investment, Hon. Richard Maru The Pacific Balance Fund (PBF) and other Unit Trust/Investment Schemes in Papua New Guinea (PNG) must improve to help grow the capital market and support domestic investments, says Minister for International Trade and Investment, Hon. Richard Maru. Minister Maru raised concern...

Photo: Minister for International Trade and Investment, Hon. Richard Maru  The Marape-Rosso Government has directed the Securities Commission of Papua New Guinea (SCPNG) to work with all key stakeholders like Asian Development Bank (ADB), Bank of Papua New Guinea (BPNG), Port Moresby Stock Exchange, and all capital market players to immediately formula...

Member of Parliament for Alotau Ricky Morris has called for the review of the Minimum Wage Law to include workers in the agriculture sector. Mr Morris made this call in a series of questions directed to the deputy Prime Minister and acting Minister for Labour and Industrial relations, John Rosso, in a Parliament Sitting on Thursday 23rd March. He as...

Photo: Group photo after the Business Matching meeting in October 2022 between PNG and Indonesia SMEs Are you an entrepreneur and looking to grow your business to another level? Look no further, as AIDAN Limited is an international consultancy, networking and business development company aiming to empower entrepreneurial professionals and creating Inte...

Photo: Barrick Executives, PNG National Executive Council and the Governor General Sir Bob Dadae (center) at the Goverment House following the NPPA signing. Barrick Gold Corporation – The government of Papua New Guinea, Barrick Niugini Limited and New Porgera Limited today signed an agreement to progress with the resumption of operations at the Porgera...

The Autonomous Bougainville Government recently launched the Bougainville Energy Policy. The Policy was developed together with the Bougainville Strategic Energy Plan that will guide the development of the energy sector in Bougainville over the next ten years. Speaking at the launch, ABG Minister for Mineral & Energy Resources, Hon. Robin Wilson...

Photo: Acting Governor of Bank of PNG, Mrs. Elizabeth Genia, Acting Assistant Governor, FSSG, Bank of PNG Mr. George Awap, CEFI Executive Director Mr. Garima Tongia and CEFI Financial Inclusion Adviser Mr. Saliya Ranasighe pose for a group photo with CEFI Board Members, Mr. Tony Westaway (2nd from left-front row) and Paulus Laveil (1st from right-front ro...

Minister for International Trade and Investment, Hon. Richard Maru invited the CEOs of provident fund, superannuation fund, sovereign wealth funds, trust funds, and social security administrations from across the Pacific who had gathered in Port Moresby for the 2023 Pacific Islands Investment CEO’s Forum to invest in Papua New Guinea (PNG), especially in ...

Photo: 3D visualisation of the Pasca A carbonate reef. Credit: Twinza Oil Twinza is pleased to announce that it has completed two new major reservoir assessments for the Pasca A field: An updated independent assessment of the Pasca A hydrocarbon resources has confirmed a total resource increase of 35%, and An independent assessment validates th...

On the 10th of March,  Kumul Petroleum Holdings Limited and Fabtech International, a Dubai based Fabrication Facility Operator, signed a management and operations agreement for a Fabrication Facility to be established in Port Moresby, in preparation for the construction phase of the Papua LNG and subsequent LNG and mining projects. Mr Sonk said, “This ...

The National Maritime Safety Authority (NMSA) of Papua New Guinea has further improved the country’s oil spill response capabilities.  February saw senior representatives from key maritime stakeholders attend Level 3 Oil Spill Response Training in Port Moresby.  The training comes on the back of the country’s first National Spill Response Exercise held la...

Photo: Petroleum Minister Kerenga Kua Petroleum Minister Kerenga Kua has recently stated that the Papua LNG project is critical in addressing some of the economic challenges that are currently faced in the country. He said about K75 billion will be generated over a 15 year period when the project is in progress. He added that the initial stages of the ...