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

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

Economic update: major projects will be crucial for Papua New Guinea’s economy

The fate of some major projects will be critical for the future of the Papua New Guinea economy over the next decade. In the second of a two-part series, Andrew Wilkins discusses the implications.

Earthquake to have ‘huge impact’ on Papua New Guinea economy, says Prime Minister

Last month’s earthquake in Papua New Guinea will have a ‘huge impact’ on the economy, says Prime Minister Peter O’Neill. The death toll is rising, the extent of the destruction and disruption to services and businesses is still being assessed, and the damage to the PNG LNG project is expected to affect government revenues.

In brief: Quake damage in LNG and Ok Tedi mining areas, and other business stories

ExxonMobil, Oil Search close LNG production facilites after quake, analysts expect kina to fall ‘over the near-term’, and agreement being finalised to allow Philippines farmers to grow rice in PNG. Your weekly digest of the latest business news.

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

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.

Oil Search to triple output in a decade, says Botten

Oil Search may look to list its power business on the Papua New Guinea stock exchange, Peter Botten, Managing Director of Oil Search tells Business Advantage PNG. He says that in 10 years he hopes the company’s production will have tripled.

Oil Search share sale represents a win for Papua New Guinea, says analyst

PNG Government-owned company Kumul Petroleum Holdings has sold its 10 per cent stake in Oil Search, with KPH Managing Director Wapu Sonk reportedly saying it lost A$322 million (K812 m) on the sale. However, stockmarket analyst David Lennox says overall the country has benefited from the process.

In brief: Bank of Papua New Guinea to provide US$100m to ease forex pressure and other business stories

Central bank to ease forex pressures with US$100m, new Lands Minister promises to clean up corruption in his department, and the cost of childhood malnutrition estimated at K1.6 billion annually. Your weekly digest of the latest business news

In brief: No new taxes, says Prime Minister, and other business stories

O’Neill says Supplementary Budget won’t contain any new taxes, Oil Search MD says oil and gas sector could earn K60 billion over the next seven years, and central bank prepares to use block chain technology. Your weekly digest of the latest business news. 

Cooperation in resources sector improving Papua New Guinea’s international standing, says analyst

Cooperation amongst the energy majors in Papua New Guinea is leading to greater efficiency and higher international standing, according to industry leaders and analysts. What is happening in PNG appears in stark contrast to recent experiences in Australia’s LNG industry.