Prime Minister James Marape has introduced changes to Papua New Guinea’s oil and gas law, claiming it will benefit the country’s ‘national interest’. The changes may well represent a major shift in the way projects are developed in the future.
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Oil change: Marape to alter Papua New Guinea’s oil and gas legislation
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15 Jun 2020 by 9 Comments
In brief: Papua New Guinea ‘will shortly be sending Exxon’ its final position for P’nyang and other business stories
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1 Jun 2020 by 1 Comment
Papua New Guinea’s Prime Minister, James Marape, talks about the delays in resources projects, Air Niugini through its subsidiary Link PNG could purchase up to 60 per cent of shares in PNG Air and K113,000,000 from the COVID-19 stimulus package will be used to improve food security and strengthen agriculture production.
No recession for Papua New Guinea post COVID-19, says Central Bank
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18 May 2020 by Leave a Comment
The Bank of Papua New Guinea in its latest Monetary Policy Statement is predicting that the Papua New Guinea economy will not go into recession this year and there will be a strong recovery next year. But it says that the COVID-19 pandemic has badly affected many of the key sectors in the economy.
Digging deeper: Mineral Resources Authority confident about the future of Papua New Guinea’s mining sector
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27 Apr 2020 by 2 Comments
The global economic crisis triggered by COVID-19 outbreak has increased the urgency for Papua New Guinea to facilitate mining projects, which are the biggest providers of crucial foreign exchange. Business Advantage PNG speaks exclusively PNG’s Mineral Resources Authority about where the sector is heading.
‘Nationalisation without due process’? Barrick Gold to take on Papua New Guinea government over Porgera decision
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27 Apr 2020 by 7 Comments
The Papua New Guinea Government has announced that it will not renew the existing Special Mining Lease at the Porgera gold mine, which is operated by Barrick Gold. Barrick is set to challenge the decision.
In brief: lease extension for Papua New Guinea’s Porgera mine refused and other business stories
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26 Apr 2020 by Leave a Comment
Papua New Guinea to take over Porgera Mine, Mining Minister is looking to restart Wafi-Golpu discussions and Shadow Treasurer urges the introduction of a supplementary budget. The business news you need to kickstart you week.
Debt crisis looming: reports say Papua New Guinea needs new investment
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20 Apr 2020 by 1 Comment
Papua New Guinea is facing a debt crisis according to new reports from the Asian Development Bank and the World Bank, and the country will need the cash injection of new major investments to avoid ‘lacklustre’ future growth.
Oil Search capital raising: is stake in PNG LNG project up for sale?
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8 Apr 2020 by 6 Comments
Papua New Guinea’s largest company, Oil Search, is proposing to raise US$700 million (K2.4 billion) to strengthen its balance sheet in response to declining oil prices. The company’s stake in the PNG LNG project may also eventually be on the table.
In brief: Papua New Guinea’s financial institutions respond to State of Emergency and other business stories
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6 Apr 2020 by 1 Comment
Papua New Guinea’s financial institutions offer businesses support for State of Emergency, Oil Search cuts staff, and Air Niugini to resume flights. The business news you need to kickstart your week.
Forex squeeze: is Papua New Guinea’s stable kina a liability?
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1 Apr 2020 by Leave a Comment
As a thinly traded currency, the kina has been protected from some of the volatility affecting world markets in the wake of COVID-19, but that presents its own set of problems.
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