Santos is listing on Papua New Guinea’s stock exchange, the PNGX, after its merger with Oil Search received the necessary final approvals. It will immediately become the exchange’s largest listing, providing PNG’s capital markets with a timely boost.
Oil Search’s shareholders have voted overwhelmingly to approve its merger with fellow petroleum and gas company Santos at a special shareholders meeting. With National Court and ICCC approval also received, the way is clear for the creation of a A$23 billion (K56.88 billion) resources company.
A ‘commencement agreement’ has been hailed by Papua New Guinea’s government and Barrick Niugini as a ‘crucial step’ in the process of reopening the country’s largest gold mine. Business Advantage PNG considers what still needs to happen for the mine to return to productivity.
‘Heads of agreement’ have been reached for the ExxonMobil-led P’nyang gas project in Papua New Guinea’s Western Province. Business Advantage PNG looks at what this means for the project’s future development.
A new fabrication facility being planned to support the next wave of gas projects in Papua New Guinea could create as many as 15,000 jobs and enable Papua New Guinea to compete for regional work, according to Wapu Sonk, Managing Director of Kumul Petroleum.
Oil and gas companies Oil Search and Santos have completed a merger agreement set to create a company with ‘a pro-forma market capitalisation’ of approximately A$21 billion (K54 billion). Regulatory and shareholder approvals will ultimately decide the deal’s fate, however.
Awarding the Pandora gas field license to Papua New Guinea’s oil & gas national company spells potential significant changes to the way licenses are granted in the country.
After the stalling of previous talks, ExxonMobil and the Papua New Guinea government have announced negotiations are recommencing for the P’nyang gas project.
Papua New Guinea’s largest gold miner, Newcrest Mining, has lodged record profits for the 12 months ending 30 June, thanks to higher gold and copper prices and lower operating costs.
How can investors evaluate the changing oil and gas risk landscape? And what does it mean for valuations? Ian Thom, Director, Middle East Upstream Research, Wood Mackenzie, explains.