Prime Minister O’Neill to respect court’s decision, Bougainville Copper assesses draft mining bill, and Papua Mining raises exploration funds. Your weekly digest of the latest business news.
Horizon Oil
Banks trading ‘well and above’ preferred kina rate, minister wants business contracts under K10 million to be reserved for Papua New Guineans, and Bakani says reserves will last seven months. Your weekly digest of the latest business news.
O’Neill seeks judicial review of Ombudsman’s direction to freeze loan for Oil Search shares, Treasurer predicts annual K10 billion boost from LNG, and food labelling must now be in English. Your weekly digest of the latest business news.
Australia’s ROC Oil is pushing ahead with its move into Papua New Guinea through a merger with Horizon Oil, one of the companies behind the Stanley gas project in Western Province.
After a two-year wait for government approval, the Stanley gas project joint venture is about to enter its construction phase. There’s also a second, even bigger, project in the offing, according to Horizon Oil’s senior representative in Papua New Guinea.
The national cabinet has approved the US $300 million (K829 m) development of the Stanley gas-condensate field in Western Province.
World Bank loan for roads and agriculture, draft tax review released and rubber farming halts in Western Province. Our summary of the week’s business stories.
Next week’s Papua New Guinea Mining and Petroleum Seminars in Port Moresby will highlight the increasing divergence in fortunes of PNG’s mining and petroleum sectors, according to Greg Anderson, Executive Director of the Papua New Guinea Chamber of Mines and Petroleum.
With the ExxonMobil-led PNG LNG project ‘more than 90% complete’ and due to start exports in the second half of 2014, what are the chances of additional LNG projects for PNG? Business Advantage PNG considers the candidates.
Japanese investment in Papua New Guinea’s gas resources has increased, with Japan’s second largest gas company buying a 40% stake in Australia’s Horizon Oil, which has an interest in several PNG petroleum leases.