With the PNG LNG project now in production, all eyes are on Papua New Guinea’s next likely gas project: Papua LNG. InterOil Corporation has been with the project, based on the Elk-Antelope gas fields in Gulf Province, since its inception. Chief Executive Officer Michael Hession tells Business Advantage PNG why the project is still promising, even in a time of low global gas prices.
Declining oil prices have prompted a review of Oil Search’s activities, even as production hit record levels in 2015. Nevertheless, Papua New Guinea’s largest company says it is generating positive cash-flows and will be making a priority of future investment in the PNG LNG and Papua LNG gas projects.
Treasury says Deficit rises to 9.4% of GDP, foreign advisers ban, and parliament passes Sovereign Wealth Fund bill. Your weekly digest of the latest business news.
The selection of the two key sites to develop Papua New Guinea’s Elk Antelope LNG fields was a difficult task, requiring a full set of studies to reach a decision, according to Philippe Blanchard, the Managing Director of Total PNG, the lead operator of the project.
The partners in Papua New Guinea’s second LNG plant have chosen Caution Bay as the processing site for the Elk-Antelope project, paving the way for close cooperation with the nearby ExxonMobil PNG LNG venture.
Italian firm to construct giant Chimbo hydro dam, SOEs’ assets valued at K20 billion, and development concept for Elk-Antelope expected by mid-year. Your weekly digest of the latest business news.
The President of the Australia–Papua New Guinea Business Council says his members have expressed concern to Prime Minister they are unable to source enough foreign currency.
Papua New Guinea is well positioned to benefit from rising LNG demand, despite falling prices, says InterOil Managing Director, Michael Hession.
Exporting all future PNG gas extract for income may not be the best use of this remarkable resource. LNG should also be used for domestic power consumption and petrochemical feedstock to boost industry and provide much-needed jobs, argues Petroleum Operations Advisor to the World Bank, Michael McWalter.
Central bank governor says economic stability dependent on kina pegging, Panguna landowners support re-opening of gold and copper mine, and 2015 Budget may be a deficit budget with ‘no significant strategic changes’. Your weekly digest of the latest business news.