Oil Search has announced in a recent strategy update that it will continue to reduce costs and pull back on exploration. However, the company says it intends to make the Papua LNG project a priority.
Industry sectors
The current economic conditions are the most ‘challenging in our lifetime’, according to Justin Smirk, Senior Economist at Westpac. He told a Business Advantage PNG briefing that the success of the 2021 National Budget depended on getting Papua New Guinea’s non-resources economy firing.
Tourism has been one of the biggest hit sectors in the current pandemic taking a global hit worth over $460 billion across the world. The 2020 National Tourism Industry Forum aims to help the troubled industry.
Kina Bank is introducing some ambitious enhancements to its digital services. Chief Executive Officer Greg Pawson outlines his plans to Business Advantage PNG.
Air Niugini’s inflight magazine, Paradise, has won the award for the best inflight magazine in Oceania in this year’s prestigious World Travel Awards.
The tech sector Papua New Guinea is growing fast but is constrained by a skills gap. Business Advantage PNG profiles the PNG Digital ICT Cluster, which is helping local tech talent reach its goals.
Horizon Oil has announced that it is selling its assets to its co-venturer Arran Energy and pulling out of Papua New Guinea. The prospect of a weak oil price may be to blame, according to one analyst.
SME Business Advisor Akae Beach, from Beach Accounting Advisory, looks at the pros and cons of taking part in the Papua New Guinea government’s SME concessional loan plan.
The travel industry has borne the brunt of restrictions during the global pandemic, but things are gradually returning to a new normal in Papua New Guinea. Business Advantage PNG looks at the latest travel advisories.
Mayur Resources has just released its annual report, providing an update on its diverse portfolio of mining and energy projects in Papua New Guinea, including the Central Cement and Limestone project.