Peter Botten, Managing Director of Oil Search tells Business Advantage PNG that the company’s Papua New Guinea assets are ‘highly profitable’ despite the low prices. He says the company is focusing on developing a five year plan for ensuring sustainability, managing exploration and working with the community.
Papua New Guinea’s state petroleum company, Kumul Petroleum, sees its role in developing oil and gas projects in partnership with developers, according to Managing Director, Wapu Sonk. He tells Business Advantage PNG there is enough gas in the country for no less than five LNG trains.
In the second of a two-part series, Steamships Managing Director Peter Langslow tells Business Advantage PNG that his diversified company is looking to upgrade its manufacturing activities, upgrade more hotels and is planning more property development in Papua New Guinea.
Despite 2016 being ‘a relatively quiet time’, Steamships Managing Director Peter Langslow, in the first of a two part series, says his diversified company is becoming more efficient and continuing to invest in its operations in PNG in preparation for the next upturn.
The Chief Executive of Papua New Guinea’s Ok Tedi mine, Peter Graham, tells Business Advantage PNG that the company is now in the top quartile of global copper producers. He says revised company estimates indicate the mine—for many years one of PNG’s major sources of foreign exchange—should have a longer life.
The way banks operate will change dramatically over the next five years, according to Kina Group’s Syd Yates. Banks will need to be quasi-technology companies.
Changes in ANZ’s Asia-Pacific strategy could provide benefits to Papua New Guinea, ANZ’s Managing Director in PNG, Mark Baker. He also tells Business Advantage PNG he sees growth potential from PNG’s rising middle class, while mobile phone banking has moved past traditional PC based internet banking services.
The Papua New Guinea government is being ‘prudent’ in its approach to the Budget, according to the Asian Development Bank’s PNG Country Director Marcelo Minc and Country Economist Yurendra Basnett. They tell Business Advantage International that investment in non-resource sectors is required for the economy to progress.
Bank South Pacific has adjusted well to the slowing economy, Chief Executive Robin Fleming tells Business Advantage PNG. He says the bank is looking to lend to the growing middle class in Papua New Guinea, especially for housing.
Large scale gas projects suit multi-operators, says Gerea Aopi, President of the PNG Chamber of Mines and Petroleum. He tells Business Advantage PNG that this allows operators in Papua New Guinea to spread the fixed costs, which is one way that the industry is looking for productivity improvements.