State-owned oil and gas company Kumul Petroleum has been gradually acquiring licences to some of Papua New Guinea’s smaller and ‘stranded’ gas assets. Managing Director Wapu Sonk explains the strategy behind the move to Business Advantage PNG.
Latest news
The latest business news from Papua New Guinea and the region
The Bank of Papua New Guinea to increase monthly forex release by US$40 million, Kumul Petroleum Holdings to supply energy to Special Economic Zones, and key PNG corporates post encouraging 2022 results. Your business news in brief.
The K146 million redevelopment of Lombrum Naval Base in Manus Province is one of the significant infrastructure projects recently acquired by Italy’s Webuild for A$39 million (K94.3 million), following mounting financial problems confronting Australian engineering and construction group, Clough.
Central Bank awards in principle banking licence to Credit Corporation, Japanese delegation visits proposed Special Economic Zone locations in Papua New Guinea, and Newmont’s proposal to combine with Newcrest Mining. Your business news in summary.
Barrick’s CEO addresses delays in the reopening of Porgera mine, rice farming potentially back on the table after a visit from a Filipino delegation and PNG LNG’s contribution to the State. Your business news in brief.
There are expectations of a bumper cocoa crop in 2023, according to the new CEO of Papua New Guinea’s largest cocoa exporter, NGIP Agmark. However, Steven Nightingale tells Business Advantage PNG that profitability will depend on tighter control of rising costs.
Barrick’s CEO addresses delays in the reopening of Porgera mine, rice farming potentially back on the table after a visit from a Filipino delegation and PNG LNG’s contribution to the State. Your business news in brief.
Newcrest Mining has approved a A$280 million (K696 million) expansion of its Lihir mine, following board endorsement of its Phase 14A feasibility study. The decision is set to deliver higher gold production and may extend mine-life.
Papua New Guinea announces ban on frozen chicken products, K1.5 million for the copra industry and Australia’s Prime Minister visits PNG.
Business Advantage PNG looks to the year ahead and considers what Papua New Guinea-focused businesses can expect in the coming 12 months.