Papua New Guinea Investment Conference ‘a resounding success’

The Business Advantage Papua New Guinea Investment Conference was held last week in Sydney, successfully showcasing the nation’s potential as an investment destination and canvassing different views from the business community about the opportunities and challenges. A clear picture of the country’s—and the Pacific region’s—great untapped potential emerged.

Total close to decision on cooperation with PNG LNG plant, says MD Blanchard

The operator of the second Papua New Guinea LNG project says overcoming technical and environmental issues will determine if Total joins the existing PNG LNG trains. Managing Director, Philippe Blanchard, says a decision will be made within the next 5-6 months.

Oil Search’s InterOil acquisition to consolidate company as regional player in oil and gas

Oil Search, Papua New Guinea’s biggest company and largest non-government employer, looks set to consolidate its position as a major player in the Asia Pacific oil and gas market with its $US2.2 billion purchase of InterOil. Chief Executive of Oil Search, Peter Botten, says it will allow the company to be ‘hugely influential in the further development of our world class PNG LNG and Papua LNG assets.’

In brief: Pacific Marine Industrial Zone gets the go ahead, and other business stories

Government tells Chinese company to start building Madang’s Pacific Marine Industrial Zone, new Tourism Minister unimpressed with Tourism Promotion Authority and second LNG ship is named Kumul. Your weekly digest of the latest business news.

In brief: Asian Development Bank downgrades Papua New Guinea’s growth outlook, and other business stories

Papua New Guinea’s growth forecast downgraded by Asian Development Bank, Bank of PNG says growth this year will partly be driven by non-mineral sector activity, plus claims PNG’s global corruption rating will depend on government commitment to accountability. Your weekly digest of the latest business news.

Results of Papua New Guinea’s major companies show some struggling more than others

Recently released results of some of Papua New Guinea’s major companies indicate that the economic downturn in 2015 put significant pressure on earnings. However, while energy companies suffered most, PNG’s finance sector proved resilient.

In brief: Call for Papua New Guinea government and industry to weather low commodity prices, and other business stories

Oil Search leader says PNG ‘well placed’ to manage low commodity price regime, Ok Tedi expected to be profitable, and BSP reports 5 per cent profit increase. Your weekly digest of the latest business news. PNG is well placed to weather the current low world oil price environment, but the Government and industry need to […]

In brief: Papua New Guinea preparing to refinance Oil Search share loan, and other business stories

Banks vie to renew government’s loan for shares in Oil Search, structural faults in Phase One of new Lae port, OK Tedi to resume operations next month. Your weekly roundup of the latest business news.

Oil Search reviewing costs as prices fall, but Botten says Papua New Guinea gas projects will be prioritised

Declining oil prices have prompted a review of Oil Search’s activities, even as production hit record levels in 2015. Nevertheless, Papua New Guinea’s largest company says it is generating positive cash-flows and will be making a priority of future investment in the PNG LNG and Papua LNG gas projects.

In brief: Papua New Guinea government suspends vegetable import ban, and other business stories

Ban imported vegetables suspended for three months, Mainland CEO calls for tougher bio security measures, and Oil Search confident, despite low oil prices. Your weekly digest of the latest business news.