In brief: Papua LNG project to put Papua New Guinea as leading LNG exporter, and other business stories

Forex turnover more than K4b in October, call for joint PNG-Australia coastguard initiative, and one kina chocolate bar on sale locally. Your weekly digest of the latest business news.

Production from Papua LNG in Papua New Guinea could start in 2024, says Total Managing Director

French super major Total will look to have a final gas agreement with the Papua New Guinea government for the Papua LNG project by March 2019. If the project gets the final go-ahead, production should start in 2024, according to Jean-Marc Noiray, Managing Director of Total E&P PNG.

O’Neill to announce preliminary agreements for Papua LNG and Wafi-Golpu to coincide with APEC Leaders Meeting

The Prime Minister Peter O’Neill has announced that Heads of Agreements will be signed for the Wafi-Golpu mine and Papua LNG project, to coincide with the APEC Leaders Week. In a pep to talk to business last week, he emphasised the benefits of hosting APEC 2018.

Prime Minister gives upbeat take on Papua New Guinea’s economy

The Prime Minister, Peter O’Neill, speaking at Business Advantage
 Papua New Guinea Investment Conference in Brisbane, said the mid-year assessment of the economy was better than anticipated. He said the growing investment interest in the Pacific from China, Australia and the United States is ‘healthy’.

Six questions for Philippe Blanchard, Managing Director, Total E&P PNG

Papua New Guinea’s second LNG plant is expected to be ready by 2023-2024, according to Total Managing Director, Philippe Blanchard. He told Business Advantage PNG the company is also keeping its eyes open for other energy plants in PNG.

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. 

Industry collaboration and government help crucial for Western Province gas, says Repsol chief

Cross-industry collaboration and help from the Papua New Guinea government are required to get the most out of the gas in Western Province, David Lester, Chief Office Representative for Repsol PNG tells Business Advantage PNG.

‘Roller coaster ride’ is forcing gas players to aggressively pursue efficiencies says President of PNG Chamber of Mines and Petroleum, Gerea Aopi

Large scale gas projects suit multi-operators, says Gerea Aopi, President of the PNG Chamber of Mines and Petroleum. He tells Business Advantage PNG that this allows operators in Papua New Guinea to spread the fixed costs, which is one way that the industry is looking for productivity improvements.

Total aiming to start Papua LNG production in 2022/23, says Blanchard

Philippe Blanchard, Managing Director of Total E&P PNG – operator of the Papua LNG project – tells Business Advantage PNG that production for the project is expected to begin in 2022/2023. He says Total is using local labour and companies as much as possible.

Oil Search will benefit from working with ExxonMobil on Papua LNG project, says Botten

ExxonMobil PNG may have trumped Oil Search’s bid for InterOil Corporation, but Papua New Guinea’s largest company will still benefit from the US major’s US$2.3 billion bid, according to Oil Search’s Managing Director Peter Botten. He tells Business Advantage PNG that the bid by ExxonMobil delivers most of the benefits of Oil Search’s take over offer and pushes the ‘cooperation agenda’.