Economic update: Papua New Guinea’s economy gathers pace

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After years of low growth, the Pacific’s largest economy is looking to benefit from new resources and infrastructure investment—plus a dividend from hosting APEC 2018. Business Advantage PNG’s Andrew Wilkins talks with Papua New Guinea’s business leaders about the year ahead.

Papua New Guinea’s LNG capacity could double, says ExxonMobil SVP

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Neil Chapman, Senior Vice President of ExxonMobil, told the APEC CEO Summit earlier this month that LNG capacity in Papua New Guinea could double. He claimed the global shift to natural gas to reduce carbon emissions is favouring the industry.

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

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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.

In brief: ‘Clan vetting’ the key to resolving PNG LNG royalty issue, says Energy Minister

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Officials sent to negotiate with Hides landowners over non-payment of royalties from PNG LNG project, Ok Tedi earns K623 million since March, and PNG Post pays K500,000 in dividends. Your weekly digest of the latest business news.

Oil Search’s InterOil acquisition to consolidate company as regional player in oil and gas

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Oil Search, Papua New Guinea’s biggest company and largest non-government employer, looks set to consolidate its position as a major player in the Asia Pacific oil and gas market with its $US2.2 billion purchase of InterOil. Chief Executive of Oil Search, Peter Botten, says it will allow the company to be ‘hugely influential in the further development of our world class PNG LNG and Papua LNG assets.’

In brief: Pacific Marine Industrial Zone gets the go ahead, and other business stories

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Government tells Chinese company to start building Madang’s Pacific Marine Industrial Zone, new Tourism Minister unimpressed with Tourism Promotion Authority and second LNG ship is named Kumul. Your weekly digest of the latest business news.

Papua New Guinea’s economy under pressure but fighting back

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Global and domestic factors have combined to slow Papua New Guinea’s economy. However, as Andrew Wilkins discovers, the Pacific nation’s business leaders are still confident about its future prospects.

What’s next for Papua New Guinea’s PNG LNG project?

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Papua New Guinea’s transformational PNG LNG project has been exporting gas to Asian markets since 2014. But what’s next for the project and its developer, ExxonMobil? Business Advantage PNG speaks with Andrew Barry, the Managing Director of ExxonMobil PNG Limited, to find out.

Oil Search reviewing costs as prices fall, but Botten says Papua New Guinea gas projects will be prioritised

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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.

Papua New Guinea mining and petroleum conference to emphasise need for stability: Chamber

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Regulatory stability, and how industry and Government can work together to deliver ‘shared benefits’ will be key themes of next week’s Papua New Guinea Mining and Petroleum Seminar in Port Moresby, according to PNG Chamber of Mines and Petroleum Executive Director, Greg Anderson.