Telikom PNG launches a COVID-19 helpline, mining companies announce contingency plans and studies conducted at the Frieda River project site to be finalised. The news you need to kickstart your week.
Oil Search Ltd
The rapid spread of the coronavirus COVID-19 has disrupted global economic activity and led to a fall in financial markets. But the story is very different for big companies in Papua New Guinea, although there will be some adverse impacts, especially in the oil and gas sector.
Analysts have contrasting views on the effect of the oil price war between Russia and Saudi Arabia on long-term oil and gas projects in Papua New Guinea. David James considers these, and the likely impact on domestic petrol and diesel prices.
The departing Oil Search Managing Director tells Business Advantage PNG he remains positive about Papua New Guinea’s economic future, saying that LNG investment can help fund a stronger, more diversified economy. And he has some parting advice.
Papua New Guinea’s Minister for State Enterprises announces plans for ‘partial privatisation’ of state-owned enterprises, P’nyang negotiations between ExxonMobil and PNG could resume and company reporting season. The business news you need to kickstart your week.
Oil and gas prices both fell this month, with LNG dropping particularly sharply, while gold and cocoa are holding their own in a tough market for commodities.
In brief: International Monetary Fund approves Papua New Guinea’s request and other business stories
Papua New Guinea gets help from the International Monetary Fund, Minister for Petroleum explains P’nyang license and the ‘Whistleblower Act’ passes unanimously. The news you need to kickstart your week.
The suspension, at least for now, of negotiations over the P’nyang LNG project, has raised issues about the investment environment in Papua New Guinea and the issue of risk, according to analysts.
Papua New Guinea says no to P’nyang gas project, Prime Minister James Marape confident in ‘five-train LNG’ and new date for plastic bag ban. The business news you need to kick-start your week.
ExxonMobil and the government-appointed State Negotiating Team have until the end of January to negotiate an agreement for the P’nyang gas project, says Minister for Petroleum.