Japanese investment in Papua New Guinea’s gas resources has increased, with Japan’s second largest gas company buying a 40% stake in Australia’s Horizon Oil, which has an interest in several PNG petroleum leases.
Mining & Energy
The new President of Papua New Guinea’s Chamber of Mines and Petroleum is concerned about the impact of falling commodity prices. Smaller profits may see some of PNG’s resources projects put on the backburner, he warns Business Advantage PNG.
Gold miners Newcrest Mining and Harmony Gold report are reviewing capital expenditure at their two joint venture projects in Papua New Guinea because of weak gold prices.
The PNG LNG project has reached another milestone with the opening of the 3.2km-long Komo Airfield in the southern Highlands, according to Oil Search Managing Director, Peter Botten.
This month, global gold, copper and silver prices hit lows not seen for over two years, causing commentators around the world to suggest that the global mining boom, driven largely by demand from China, is over. How could this effect Papua New Guinea?
The ownership structure of the Ok Tedi mine ‘had stood the test of time’ and there was ‘no good reason to change it,’ according to Chairman of Papua New Guinea Sustainable Development Program Limited (PNGSDP), Sir Mekere Morauta.
Oil and gas exploration and production company, Oil Search, has reported a US$175.8 m profit in its preliminary annual results, a 13% fall on last year, which the company attributes to high exploration expenses.
With gas production from the US$19 billion PNG LNG project due to start next year, Peter Graham, Managing Director of Esso Highlands Limited, talks exclusively to Business Advantage PNG about the long-term impact of the project on the economy.
Papua New Guinea will be heavily reliant on its liquefied natural gas exports for many years to come. Rod Myer considers how PNG’s aspirations may be affected by global trends.
The PNG Government has revived the National Petroleum Company of Papua New Guinea (NPCP). We speak with the NPCP’s new Chairman, Frank Kramer.