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 LNG
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.
There is enough gas capacity in PNG for at least three more LNG trains over the next five-to-seven years, according to Oil Search CEO, Peter Botten, who’s called for gas developers to co-operate and share facilities.
Cashed up after the completion of several recent deals, oil and gas company InterOil Corporation has widened its exploration focus to include up to 40 promising new targets.
The first shipment of Papua New Guinea’s LNG exports is due to get underway mid-year, marking the country’s entry to this growing global energy industry. With the prospect of second and third LNG projects, where will PNG fit in to the global LNG market?
InterOil Corporation has announced it is teaming up with France’s Total S.A. to develop Papua New Guinea’s second LNG gas project at the Elk and Antelope fields in Gulf Province. How will the new project fit into PNG’s existing LNG landscape?
Interoil expects to announce a ‘major transformational deal’ by the end of 2013 to develop the Papua New Guinea’s second LNG plant, according to recently appointed CEO Michael Hession.
Papua New Guinea’s much-anticipated second gas project could turn out to be an extension of its first, as ExxonMobil commences exclusive negotiations with InterOil and Pacific LNG.