InterOil Corporation has finalised a US$300 million loan, which it will use to explore the Eastern Papua Basin of Papua New Guinea.
Mining & Energy
The Papua New Guinea Government has tabled in Parliament its proposed changes to the country’s constitution, reflecting the state’s ownership of hydrocarbons and minerals. Vaughan Mills and Sarah Kuman analyse the implications of these amendments.
Australia’s ROC Oil is pushing ahead with its move into Papua New Guinea through a merger with Horizon Oil, one of the companies behind the Stanley gas project in Western Province.
The first shipment of gas from Papua New Guinea’s PNG LNG project has left for Japan this week, highlighting the potential billions of dollars of income for the project’s partners. Business Advantage PNG looks at where that income will go.
With shipments of gas from the PNG LNG project under way, Business Advantage PNG talks exclusively to Peter Botten, CEO of venture partner Oil Search Limited, about the future of Papua New Guinea’s largest company and hydrocarbons in PNG.
As the PNG LNG project enters its operational phase, Frank Kramer, Chairman of the National Petroleum Company of Papua New Guinea (which will hold and manage the government’s 16.8% stake) outlines his vision for managing the country’s hydrocarbon assets.
After a two-year wait for government approval, the Stanley gas project joint venture is about to enter its construction phase. There’s also a second, even bigger, project in the offing, according to Horizon Oil’s senior representative in Papua New Guinea.
Canadian mining company Nautilus Minerals will accelerate its range of seabed mining projects across the Pacific, after finally signing a US$120 million (K336 million) agreement with the Papua New Guinea government to develop its Solwara 1 mining project in the Bismarck Sea.
The national cabinet has approved the US $300 million (K829 m) development of the Stanley gas-condensate field in Western Province.
The first shipment of Papua New Guinea’s LNG exports is due to get underway mid-year, marking the country’s entry to this growing global energy industry. With the prospect of second and third LNG projects, where will PNG fit in to the global LNG market?