In this exclusive interview, Wapu Sonk, Managing Director of Kumul Petroleum Holdings, looks ahead to the next decade of Papua New Guinea’s petroleum and gas sector.
Industry sectors
To build or not to build: multibillion dollar Chinese project highlights Western Province’s dilemmas
Reports that a Chinese company has put forward a multibillion dollar plan to develop several areas in Western Province have highlighted the lack of investment in one of Papua New Guinea’s most neglected provinces.
The long-awaited signing of the Fiscal Stability Agreement between the Papua New Guinea government and Total SA has been announced. It opens to the way for the project to go forward.
Kina Bank will adopt a ‘multi-brand’ strategy after acquiring Westpac PNG, according to Lesieli Taviri, Executive General Manager for Banking. She believes fears about a duopoly are unfounded.
The Wafi-Golpu Joint Venture has released new information on its proposed DSTP method of tailings disposal for the planned Wafi-Golpu mine in Papua New Guinea. The move is designed to allay environmental concerns, including those expressed by Morobe Governor Ginson Saonu.
The Investment Promotion Authority has released data on foreign investment trends in 2020 that show the sector of most interest was agriculture. Despite the impact of COVID-19 there was significant investor interest.
The signing of a fiscal stability agreement between Papua New Guinea and French oil major Total looks set to trigger the FEED phase of the multi-billion dollar Papua LNG project. Wapu Sonk, Managing Director of national oil company Kumul Petroleum, tells Business Advantage PNG the signing is expected within the next two weeks.
Departing PNG Power Chairman Peter Nupiri has called for less political interference in the state-owned utility and a ‘strong commitment’ from government for its reform.
A joint communique issued earlier this month by Papua New Guinea’s Prime Minister James Marape and new Bougainville President Ishmael Toroama has committed them to moderated ‘joint consultations’ over the autonomous region’s desired independence. It has again brought focus on the future of the island’s massive Panguna copper and gold mine.
Peter Aitsi, Group Chief Executive Officer of Credit Corporation PNG, says the COVID-19 pandemic has had a significant impact on operations. He tells Business Advantage PNG that the company is moving to a more agile digital platform and diversifying its product range.