Lae port upgrade reaches milestone, Respol acquires Talisman Energy, and PNG forecast for significant economic growth. Your weekly digest of the latest business news.
PNG Gas
After a two-year wait for government approval, the Stanley gas project joint venture is about to enter its construction phase. There’s also a second, even bigger, project in the offing, according to Horizon Oil’s senior representative in Papua New Guinea.
The national cabinet has approved the US $300 million (K829 m) development of the Stanley gas-condensate field in Western Province.
Major industrial projects underway or in the pipeline north-west of Port Moresby look likely to create an industrial and logistics corridor over the next five years. Business Advantage PNG examines the progress in Central Province, just outside Papua New Guinea’s capital.
Japanese investment in Papua New Guinea’s gas resources has increased, with Japan’s second largest gas company buying a 40% stake in Australia’s Horizon Oil, which has an interest in several PNG petroleum leases.
The 12th Papua New Guinea Mining and Petroleum Investment Conference was held last week in Sydney, Australia. The event was hosted by the PNG Chamber of Mines and Petroleum.
The PNG LNG Project has led to the creation of new landowner companies.
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