French super major Total will look to have a final gas agreement with the Papua New Guinea government for the Papua LNG project by March 2019. If the project gets the final go-ahead, production should start in 2024, according to Jean-Marc Noiray, Managing Director of Total E&P PNG.
Neil Chapman, Senior Vice President of ExxonMobil, told the APEC CEO Summit earlier this month that LNG capacity in Papua New Guinea could double. He claimed the global shift to natural gas to reduce carbon emissions is favouring the industry.
LNG and oil prices have weakened but the cocoa price has strengthened. Business Advantage PNG’s monthly review of Papua New Guinea commodities and financial markets.
Digital technology and artificial intelligence is changing the way mining is conducted, according to Christiaan Heyning, a Partner at the consultants McKinsey & Company. But he warns that astute management is required to reap the benefits.
Oil and LNG prices have shown weakness but coffee is up. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
In an interview with Business Advantage PNG’s Andrew Wilkins, the Prime Minister Peter O’Neill says he is looking for deals in LNG and mining projects that will benefit all parties. In the first of a two part series, O’Neill says his government is investing to diversify the economy.
A report by consultancy McKinsey & Co. says activity in mining is strengthening globally. But it identifies nine mistakes in the downturn that should be avoided.
Analysis of test results from a potentially new LNG find at the Barikewa-3 well in the Papua New Guinea Forelands is underway but it’s too early to say how that gas will be commercialised, according to well operator, Oil Search. Meanwhile, the signing of a long-term contract for gas from PNG with China confirms demand for gas from China will continue well into the 2020s.
LNG prices have jumped sharply and the cocoa price has been volatile. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
Milne Bay’s Woodlark Gold Project is likely to get the go ahead within the next three months, after developer Geopacific Resources assesses the definitive feasibility study which will be completed in Q3 this year. Managing Director, Ron Heeks, told Business Advantage PNG, if it goes ahead, production should commence in early 2020.