US$10 billion Papua LNG agreement signed between Papua New Guinea government and developers

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The Papua New Guinea State has signed the gas agreement for the US$10 billion (K33.7 billion) Papua LNG project with Total, ExxonMobil and Oil Search. The project, which will double PNG’s gas production, represents the second-largest foreign direct investment ever in the country.

Date announced for Papua LNG gas agreement in Papua New Guinea

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Papua New Guinea’s Prime Minister Peter O’Neill has announced a date for the signing of the gas agreement for the US$13 billion Papua LNG project. Opening the PNG Petroleum and Energy Summit in Port Moresby yesterday, he also outlined some of the key elements the agreement will contain.

Papua New Guinea’s LNG capacity could double, says ExxonMobil SVP

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Neil Chapman, Senior Vice President of ExxonMobil, told the APEC CEO Summit earlier this month that LNG capacity in Papua New Guinea could double. He claimed the global shift to natural gas to reduce carbon emissions is favouring the industry.

Opinion: Papua New Guinea could provide a model for the developing world says Oil Search MD Botten

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Peter Botten, Managing Director of Oil Search, says including communities in the development agenda is a way that resource developers can engage with governments and other stakeholders. He explains that what his company has done in PNG can be a model for other developing countries.

In brief: Russia and PNG to set up mutual embassies, and other business news

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Russia plans to open an embassy in Port Moresby, the Australian Prime Minister announces relaxed visa rules for Pacific nations, and Crystal Kewe, the young app developer, wins a major APEC award.

Papua New Guinea LNG production predicted to double within 10 years, reports Fitch Research

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Papua New Guinea’s LNG exports will more than double over the next 10 years, as a result of the planned expansion works, according to Fitch Solutions’ Senior Country Risk Analyst, Raphael Mok. But, he tells Business Advantage PNG, the government must address landowners’ backlash against royalty payments.

Security situation a ‘setback’ for business in Southern Highlands Province, says Chamber of Commerce President

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Berry Mini, President of the Southern Highlands Chamber of Commerce, told Business Advantage PNG last Friday that there is an increased security presence in Mendi, particularly in front of key commercial and government buildings. The state of emergency is also affecting earthquake recovery supplies.

In brief: Papua New Guinea to issue Eurobond later this year, and other business stories

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A US$500 million Eurobond to be issued later this year, Government owes US$88 million to local businesses and February earthquake bill to cost five percent of government expenditure. Your weekly digest of the latest business news.

Papua New Guinea businesses donate K80 million in cash and aid for earthquake relief

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Papua New Guinea businesses have donated at least K80 million in cash and equipment to aid February’s earthquake relief program.

O’Neill tells Papua New Guinea resources sector there will be no new taxes

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Papua New Guinea’s Prime Minister, Peter O’Neill, told the PNG Mining and Petroleum Conference yesterday that there would be no new taxes for the resources sector. Meanwhile, presentations by the major industry players suggest the next 12 months will be critical in determining the future growth of the sector.