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...

Photo credit: NIT Field research and investigations will begin next week as part of the work being done under the Panguna Mine Legacy Impact Assessment. The field research will be carried out across mine-impacted areas and will involve identifying and assessing any environmental impacts of the Panguna Mine since mining was stopped in 1989, and the s...

Photo: Bank of Papua New Guinea Acting Governor  Mrs. Elizabeth Genia and Chief Secretary Ivan Pomaleu with CEO’s from nine financial institutions during the launching of the NFIS 2023-2027.  The third National Financial Inclusion Strategy 2023-2027 was launched at the Hilton Hotel on 25th April, 2023 by the Chief Secretary Ivan Pomaleu, OBE.   The ...

Photo credit: AG Energy Limited At the recent launch of the Edevu Hydropower Development, Chinese Ambassador to PNG, Zeng Fanhua, expressed that Prime Minister James Marape has expressed his hope to attract more Chinese enterprises to invest in PNG, which China actively supports to contribute to PNG’s economic development. The ambassador also stated th...

Photo: Bryan Slusarchuk. Credit: Bryan Slusarchuk LinkedIn Page Fosterville South Exploration Ltd (FSX) has recently announced its agreement to acquire a significant 2166 sq. km mineral exploration land package in Papua New Guinea (PNG) from Wild Dog Resources Inc (WDR), a privately held company. This package includes multiple exploration licenses (EL)...

Prime Minister Hon. James Marape has called on all his Ministers, Government Departments and Agencies “not to waste time” when it comes to delivering key impact projects. The Prime Minister sounded this message in no uncertain terms when launching the Edevu Hydropower Reservoir Impoundment at Edevu in Koiari, Central, on Friday, April 21, 2023. The ...

Photo credit: Japanese International Cooperation Agency The Ramu System Transmission Reinforcement Project (RSTRP) in Morobe Province, which is being funded by the Japanese International Cooperation Agency, is nearing completion with 85 to 90 per cent of the project already finished. Ramu grid project manager, Hitler Alseth, revealed that this includes...

The Nadzab airport redevelopment project, which is valued at K750 million, is nearing completion, with an official launching ceremony scheduled for September 16, Papua New Guinea's 48th Independence anniversary. The project is currently between 80 and 90 percent complete and will cater to a variety of aircraft, including Fokker 100, Boeing B737, and B777 ...

Photo: Porgera Mine Kumul Mineral Holdings Limited (KMHL), Barrick Niugini Limited (BNL), and the New Porgera Limited (NPL) signing two crucial documents on Friday marks a significant step towards reopening the Porgera mine. The Porgera mine, located in Enga Province of Papua New Guinea, was closed down in April 2020 after the government refused to ext...

Photo: A bird’s eye view of the Edevu Hydropower Project - PM’s Office Media Prime Minister Hon. James Marape has thanked Koiari landowners of Central and Chinese investor PNG Hydro Development Ltd for making the massive K770 million Edevu Hydropower Project along the Brown River possible. He also announced that the Government was partnering the pro...

Photo: Minister for Mining Hon Ano Pala (right) awarding the certificate of long service to Mr. Carter Oiee (left) while acting MD Mr. Jerry Garry looks on (back)The Mineral Resources Authority (MRA) on Friday April 14th, celebrated its 15 years of operations in Port Moresby.  The occasion was graced by the presence of the Prime Minister Honourable Jam...

Photo credit: MRA Mineral Resources Authority (MRA) managing director, Jerry Garry, has emphasized the importance of exploration in ensuring the future of Papua New Guinea's mining industry. Speaking at the agency's 15th-anniversary celebration in Port Moresby, Garry highlighted the vital role that exploration plays in the development of mines. "If ...

Photo credit: Post Courier The demand for greater contract transparency in the resources sector is growing as Papua New Guinea prepares to release its 8th and 9th PNG Extractive Industries Transparency Initiative (PNGEITI) reports. These reports cover the fiscal years 2020 and 2021, and they offer valuable insights into the operations of the PNG extrac...

British American Tobacco PNG (BAT PNG) and Fresh Produce Development Agency (FPDA) have joined hands to aid rural bulb onion farmers in Papua New Guinea (PNG). The partnership aims to provide financial assistance to the farmers and increase the quality and quantity of their produce. As a part of this initiative, BAT PNG will contribute K1 million for the ...

The Bank of Papua New Guinea (BPNG) has announced its monetary policy considerations for the next six months until September of this year. The central bank indicated that it will maintain a neutral stance in line with the country's economic developments and medium-term prospects. As required by the country's central banking law, BPNG issued two monthly...