According to an economist, improving benefit-sharing agreements for resource programs necessitates a thorough understanding of the future gains from those projects as well as the conditions offered in other countries. The government "owns the assets and is the regulator," according to Paul Barker, executive director of the Institute of National Affairs...

Kumul Petroleum Holdings Limited (KPHL) has secured a contract for an additional 7 per cent free carried equity in a historic deal with TOTAL SE. Papua New Guinea's national oil and gas corporation, reported an increase in its aggregate equity in potential joint exploration ventures with Total SE following talks in Paris last week to remobilize the Pap...

  New analysis lays out the scale of the mining industry’s energy use and identifies ways it can be reduced using currently available technologies Materials such as copper, lithium and nickel play an essential role in the technologies like electric vehicles and renewables that will help the world meet its decarbonisation targets As demand for th...

In its first quarterly Pacific economic and market (PEM) perspectives for 2021, BSP Financial Group Ltd forecasted 3.5 per cent economic growth for PNG this year. The bank estimated that the global economy will rise at a rate of 6% in 2020, up from a predicted -3.3 per cent in 2020 when the world was struck by the Covid-19 pandemic. The resumption o...

Deputy Prime Minister Sam Basil met with Total Chairman and CEO Patrick Pouyanné and discussed the Papua LNG project timetable as well as a potential investment in new petroleum prospecting licenses in Papua New Guinea. In a statement, Basil said, “Mr Pouyanné expressed his appreciation for the ongoing efforts by the Marape-Basil Government and confirm...

To put agriculture and fisheries into aviation, the Morobe Provincial Government has collaborated with the National Airports Corporation. The Morobe Provincial Government has been preparing for four years. In Port Moresby, the Morobe team headed by Governor Ginson Saonu signed the Agriculture and Fisheries Partnership via Aviation with NAC acting manag...

The Southern Highlands Province's Mendi Airport Redevelopment scheme has been placed on hold. The redevelopment of the airport, which was scheduled to be completed in October this year, has been placed on hold, according to NAC acting managing director Rex Kiponge, due to the contractor not having the right materials for the runway and a disagreement a...

The National Gaming Control Board is looking at casino tourism as a way to boost PNG's economy and tourism. Last week, the National Gaming Control Board met for the first time with newly selected board members after almost two years. Members of the corporate chamber, women's council, churches, and non-executive directors from the Departments of Fina...

The PNG Kina is expected to continue falling against the US dollar. The Kina traded steady in the first quarter of 2021, according to the BSP's Pacific and Economic Market Insight survey, thus depreciating 2.4 per cent year on year against the US dollar, from 0.2920 to 0.2850. Rohan George, BSP Group General Manager – Treasury, said, “The US Dollar ...

The Market Conditions Survey showed that company morale is high, with 70% of businesses have continued operations in the fourth quarter of 2020. Businesses continue to face challenges due to lower consumption and market demand. According to the Corporate Council of PNG Market Conditions Survey, businesses have seen a steady turnaround between the fi...

Sam Basil, the Deputy Prime Minister and Minister for Commerce and Finance, is in Paris this week for trade negotiations with Franck Riester, the French Minister Delegate to the Minister for Europe and Foreign Affairs. The two ministers met to discuss ways to improve PNG-France economic relations. Both ministers want to see more coordination in new ...

Puma Energy, a fuel and energy provider, has pointed out that the aviation industry has been struck the hardest. Puma Energy country manager Hulala Tokome mentioned that Puma supplies 100% of the country's jet fuel needs, demand remains poor, which is in line with a global downturn in travel that has also affected this country. He said that while mo...

After a one-year delay due to COVID-19, Total aims to make a final investment decision on the proposed two-train 5.6 million mt/year volume Papua LNG project in Papua New Guinea in 2023. Papua LNG, which will use gas from the Elk and Antelope gas fields, will begin front-end engineering and design (FEED) in early 2022, according to Total. "I confirm...

The Pasca A offshore oil and gas project in Gulf faces further delay to its start-up which is now expected in 2025, says developer Twinza Oil Ltd. The project will continue to be postponed until a deal is signed, according to Roppe Uyassi, who added that the project's delay would likely be compounded by the project team's departure.  “This is really...

COVID-19 has spread throughout the country, and Prime Minister James Marape has launched a national drive to stop it. The national vaccination rollout's slogan is "Sleeves Up Be A Vaccine Champion” which emphasizes the importance of rolling up your sleeves and getting vaccinated. On May 5, the second round of vaccinations began. Marape was joined by...

According to a new report published by the Asian Development Bank (ADB), the Pacific will return to positive growth in 2021. However, the region's outlook is still fraught with dangers, and there is substantial variation among the 14 Pacific developing member countries (DMCs). According to the Asian Development Outlook (ADO) 2021, the ADB's flagship ec...

The Australian government has decided to contribute $US90 million (K315 million) to the Marape government's top-priority Edevu Transmission and Electrification program. The Edevu hydropower plant, which is based in Sogeri, is part of the Papua New Guinea Electrification Partnership, which seeks to reach 70 per cent electrification across the country by...

According to a Business Council of PNG market condition report, the majority of companies continued to witness financial loss through the end of last year, with at least 60% failing to reach their expected performance for the fourth quarter. The findings said that 69% of companies expect their annual sales in 2020 to be lower than the previous year. ...

The PNG Chamber of Mines and Petroleum has appointed Richard Kassman as its current president. Kassman, who has served as the chamber's vice president for the past three years, succeeds Gerea Aopi, who began his career in the industry in 1991. Following the announcement, Kassman praised the outgoing president, Aopi, for his extensive work and guidan...

According to PNG Cocoa Board chief executive officer Boto Gaupu, the government's cocoa price support program will boost cocoa production in Morobe. On behalf of Agriculture and Livestock Minister John Simon, he said this while launching the program in Munum village, Wampar local level government, Huon Gulf, Morobe. With the exception of Menyamya, G...

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 ...