Prime Minister Hon. James Marape, MP says the PNG Government is fully aware of the Santos Limited and Oil Search Limited proposed merger as announced on 21 July 2021 and is closely monitoring it. Prime Minister Marape said his Government has also noted the recent board and management changes at the Oil Search Limited. “Oil Search Limited is a promin...

Photo Credit: Ilya Gridneff/AAP Rio Tinto and Bougainville Copper Limited's attempt to address remaining legacy concerns from the Panguna mine has been appreciated by the Autonomous Bougainville Government (ABG). From 1973 until 1989, President Ishmael Toroama claimed that the Panguna mine was exclusively responsible for funding Papua New Guinea's i...

Photo Credit: Oil Search Oil Search reported operating revenue of US$366.2 million (K1 billion) in the second quarter, up 21.5 percent from the first quarter (Q1). Other noteworthy features include: Oil output from operational fields increased by 4.6 per cent in the second quarter, owing to Moran's strong performance. PNG LNG output averaged...

According to the Coffee Industry Corporation Ltd, a decrease in coffee production of more than 200,000 bags yearly has resulted in a loss of K88 million to coffee growers (CICL). Jerry Kapka, the board chairman, stated that the people were "losing out" and "not getting what is anticipated." “I want to bring the industry to the management and work to...

The Independent Consumer and Competition Commission is debating whether or not to accept Kina Bank's bid to buy Westpac's share in Westpac Bank PNG Limited. Commissioner Paulus Ain of the ICCC has also issued a draft determination on Kina Securities Limited's Authorisation Application for the planned acquisition of 89.91 per cent of Westpac Bank-PNG-Li...

Photo Credit: PNG LNG Project Kerenga Kua, Papua New Guinea's petroleum minister, wishes to see the PNG government, ExxonMobil PNG, and the PNG LNG project enhance their beneficial relationship. Peter Larden, the new managing director of ExxonMobil PNG, was greeted by Kua, who said, “We look forward to working with him on a wide range of economic an...

Photo Credit: PNG LNG Project  The landowners of Hela's Angore region, as well as ExxonMobil PNG, have been hailed by Papua New Guinea Petroleum Minister Kerenga Kua for the resumption of the Angore Project. Following the outbreak of the Covid-19 pandemic in 2020, the project was temporarily halted. The Angore pipeline was created as a link betwe...

From Left to Right: Shannon Kumalau (DPE), Richard Kassman Senior VP PNG Chamber of Mines and Petroleum, Lucas Alkan Head of National Secretariat (EITI), Paul Barker (INA), Arnold Lakamanga (MRA) The PNG Chamber of Mines and Petroleum congratulates and also expresses its support to the PNG Extractive Industry Transparency Initiative (EITI) on the relea...

Photo Credit: JASON REED/REUTERS Santos and Oil Search have reached an agreement on the merger ratio under the proposed merger and the additional terms set out in this release (“Revised Merger Proposal”). Under the Revised Merger Proposal, Oil Search shareholders will receive 0.6275 new Santos shares for each Oil Search share held via a Scheme of Ar...

Photo Credit: ADB Despite a weakening economic growth forecast for the Pacific, recent progress in vaccination rollouts and stronger public health measures are providing optimism for the safe reopening of borders in the near term, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM) launched today. After...

Photo Credit: Kumul Petroleum - Prime Minister of Papua New Guinea James Marape has the honour as Trustee of Kumul Petroleum to handover, in a symbolic gesture funds to the value of K10 million to the Port Moresby General Hospital to support the completion of structural works for the Cancer Centre. Structural works for the Cancer Centre at Port Moresby...

Photo Credit: The National Fisheries Authority The National Fisheries Authority (NFA) is the latest Government organization to join the Expo2020 Team to tell the Papua New Guinea story on the fisheries industry.  The Authority will inform the world stockholders on Papua New Guinea’s efforts to commercialise our tuna resources in a sustainable way, i...

Jerry Norton has been appointed as the acting chief executive officer for the Capital Insurance Group of companies, the firm announced in a statement. CIG Chairman Michael Koisen announced last week that Norton’s appointment follows the resignation of David Lee as the Group CEO. Norton was previously the CIG Group chief operating officer. The compan...

Following the passing of the National Energy Authority Act 2021, the Independent Consumer and Competition Commission (ICCC) said that it no longer had regulatory authority over the power business (NEA Act). Commissioner and CEO Paulus Ain stated that this was done in line with National Gazettal Notice No: G443, which went into force on July 5. He st...

FX market liquidity improved in the second quarter of 2021, with FX market turnover increasing by 19.7%. FX market liquidity increased in the June Quarter 2021, according to the BSP Pacific Economic & Market Insights Quarter 2 Report, with market turnover reaching 23.9 per cent in June and 19.7 per cent in the June Quarter 2021. “FX inflows for ...

According to the Porgera Chamber of Commerce and Industry, the State's awareness and validation exercise suggest the mine will reopen later this year. The mine is expected to reopen on September 16, according to Chamber president Nickson Pakea. He said the district and province were anticipating the launch after Prime Minister James Marape met with ...

According to Bank South Pacific Group Ltd chief executive officer Robin Fleming, foreign direct investment (FDI) will play a key part in Papua New Guinea's recovery from the Covid-19. “Bank of PNG data indicates that in 2020 FDI flows into the country will be reduced by 66 per cent to K387 million from K1.1 billion in 2019,” Fleming said. “This stat...

Santos, an Australian oil firm, announced its plan to combine with Oil Search Limited. Santos proposed a non-binding indicative merger last month with the goal of making the two companies the regional energy champions. The proposed merged entity has a market capitalization of A$22 billion (K56 billion), putting it among the top 20 ASX-listed companies ...

In Papua New Guinea (PNG), sweet potato (kaukau) growers have received significant insight into customer buying habits, which is assisting them in identifying new market possibilities. The recent market analysis, which was supported by the Papua New Guinea-Australia Partnership and conducted by the Australian Centre for International Agricultural Resea...

According to managing director Jerry Garry, the Mineral Resources Authority is evaluating more than K50 billion in investments in the country. Wafi-Golpu, Frieda River, and Woodlark are among them. “We are also looking at the Central Lime and Cement,” he said. “If that project comes on-stream, it will be one of the first industrial mines ever bui...

At the annual general meeting last month, the board named Richard Sinamoi as interim chairman. “There has been an orderly transition to new leadership and the new board is stable and strongly aligned in our thinking,” Sinamoi said. He described becoming chairman of Credit Corporation as an "honour" at "such a critical period for the business and the...

After 17 months in charge, Oil Search managing director Keiran Wulff resigned owing to concerns about his behaviour and bad health. Dr Wulff has been dealing with a long-term medical problem that has lately worsened. According to Oil Search chairman Rick Lee, the board met with Dr Wulff after receiving recent concerns and accusations about him. A...

Former managing director Flagon Bekker's current plans, projects, and activities will be reviewed by PNG Power Limited. Some of the major initiatives, programs, and works done and left behind by Bekker are good for PPL's development, according to PPL acting chief executive officer Obed Batia. However, a review exercise will be conducted to see if some ...

For the expansion of the Tari to Hides high voltage transmission line, PNG Power Limited has inked a K71 million deal with Chinese Tibean Electrical Company. The 132 kV transmission line will be extended from Mt Hagen to Tari and from Tari to Hides, according to PPL acting chief executive officer Obed Batia. He claimed that this will boost consumers...