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Papua New Guinea Investment Week
by PNG Business News - May 24, 2019
Positive signs are on the horizon for business after three “flat” years due to tough economic times brought on by low commodity prices, last year’s earthquake, and lack of foreign currency, which has increased slightly this year.
Following the recent activity in the minerals and gas sector and a successful APEC Leaders’ Summit, the Australia PNG Business Council has successfully lobbied to bring to our shores four high-profile business investment conferences, -- all of which will be held from June 17 to 21 at the Stanley Hotel and Suites and APEC Haus.
* On Monday 17th to Tuesday 18th June, will be the 35th Instalment of the Australia PNG Business Forum and Trade Expo. Themed “The Road Ahead: Optimising Infinite Opportunities,”key statistics for this event include 900 delegates, 300 Exhibitors and 120 booths, 78 speakers and 15 topics ranging from unlocking customary land, agriculture, infrastructure development, MTDP3, start-ups, disruption and innovation, among others
* On Wednesday, 19th June, the Business Council of PNG in conjunction with the Speaker of the House of Parliament will host their annual Speaker’s Summit, the second instalment. This will also be held at the Stanley Hotel. Themed “Building Papua New Guinea’s Economy,” key statistics include 250 delegates, 100 exhibitors and 40 booths, 36 speakers and six topics in one day.
* On Thursday, 20th June the PNG European Union business conference on “Strengthening Trade and Investment ties between the EU and PNG” will be held at the Stanley Hotel. There is no fee to attend this conference. To register, please email to email@example.com. A copy of the tentative program is attached.
* Then on Friday, 21st June the Asia Pacific Business Forum will be held at APEC Haus. David Morris, the Chair of UNESCAP Asia Pacific Business Forum stated: “They will bring to the Pacific for the first time the United National Asia Pacific Business Forum. This will be a high-level government business dialogue on how to bring the benefits from sustainable development to non-urban communities across our region.” Themed ‘Global Goals, Local Opportunities,” it’s the annual flagship event of the UN Economic and Social Committee for Asia and the Pacific Sustainable Business Network.
Interest has been overwhelming, particularly for the UN-sanctioned meet. People in Asia have called putting their hands up to present during the conference.
PNG Business News - September 09, 2019
Innovation PNG 2019 Conference
An international-standard event bringing the best of new technology, creative solutions and innovative thinking to Papua New Guinea’s business community.FRIDAY 8 NOVEMBER, THE STANLEY HOTEL, PORT MORESBYHosted by the Port Moresby Chamber of Commerce and Business Advantage International, Innovation PNG 2019 will be the first event of its kind in Papua New Guinea. It will provide the opportunity for PNG’s wider business and government community to learn from, be inspired by, and engage with the most relevant innovators from PNG and overseas.The broad spectrum of topics will include developing an innovation culture in your business, how better internet connectivity will transform local business, digital banking and how local entrepreneurs are finding creative ways to solve uniquely PNG challenges.WHAT TO EXPECTThis Plenary Conference will run from 8:30am to 4.30pm. It will feature international keynote speakers and multiple streams for the afternoon session. The Expo Plus section will include company booths and technology-related services/attractions.The Workshops will provide hands-on training for smaller, special-interest groups.TOPICSInternational Keynote: Fostering an innovation culture in your organisation, Pete Williams, Deloitte Centre for The Edge. Pete is a recognised thought leader and practitioner in Innovation. Since speaking at the PNG Advantage Investment Summit in Brisbane in 2015, he has developed a strong interest in PNG and is a regular visitor to the country.International Keynote: Global Megatrends Influencing Technology and Transformation, Paul Burman, Megatrends Ambassador, Hewlett Packard (HP). Artificial Intelligence is changing our world – from disrupting how we educate our children to the way we diagnose a patient. Working directly with the CTO’s Office in Palo Alto, Paul is tasked with presenting HP’s view of the future, Megatrends, to customers, partners and industry leaders – to help them prepare for the future.Keynotes by major global technology companiesOpportunity and disruption: what cheaper and better internet access will mean for PNGDigital banking and mobile moneyE-GovernmentEducation and vocational trainingMedical scienceAgribusinessInnovation PNG: short presentations from some of PNG’s leading innovators, including SMEs.WHO WILL ATTENDThe conference will appeal to the wider PNG business and government community, from senior managers and business owners, to middle managers and the brightest graduates.REGISTERPricing:Early-bird (until 4 October) — PGK 950 Standard — PGK 1,050 Table of 10 (until 25 October) — PGK 8,500Prices include GSTFor more information contact:Port Moresby Chamber of Commerce+675 7200 firstname.lastname@example.org
PNG Business News - May 25, 2020
Timor-Leste’s official Oil & Gas event goes online
IN-VR is organising the Timor-Leste Oil & Gas Energy Online Summit, taking place completely online and sponsored by SundaGas and Pacific Towing. All the profits will be donated to charity supporting their initiative to provide masks, gloves and necessities to groups in need. The online summit will take place on July 9th 2020, focusing on Timor-Leste's plans in the current oil price landscape, new business opportunities in its 2nd Licensing Round, exploration updates and new midstream projects. The summit will gather government officials, key IOCs, investors and service providers that will discuss these topics and network with attendees online in sessions and private B2B meeting rooms. What are the key thematics of the online summit? ● Timor-Leste’s 2nd Licensing Round: Acreage opportunities and terms ● ANPM’s instrumental role and jurisdiction in the country and region ● Timor-Leste’s geology and available seismic data ● Why invest in Timor-Leste - Investor's perspective ● Service provider opportunities in Timor-Leste ● The Timor-Leste / Australia Maritime Boundary Treaty – the new framework ● What are the best companies to partner within Timor-Leste? ● Exploration updates in Timor-Leste ● The Chudith Gas Discovery and the PSC TL-SO-19016 license, SundaGas’ success and update ● Bayu-Undan field updates and new opportunities Who will be presenting? ● Dino da Silva, President, ANPM ● Mateus da Costa, Director of Exploration, ANPM ● Amado Hei, Director for PSC & Legal Compliance, ANPM ● Andy Butler, Chief Executive Officer, SundaGas ● Neil Papenfus, General Manager, Pacific Towing and many more, soon to be announced! Let's get masks, gloves and food to the right people while we network with Timor-Leste's oil & gas industry!For further information please visit: https://www.in-vr.co/timor-leste-online Or contact: email@example.com
PNG Business News - May 26, 2020
Global E&P: National regulators meet with IOCs online
IN-VR is organising the Global E&P Summit on July 2nd, taking place completely online. For the first time ever, 16 national oil & gas ministries, regulators and NOCs are gathering online to promote their available E&P global opportunities to IOCs and service providers from all over the world. The biggest online E&P event of the year Meet with hundreds of IOCs and service providers at the biggest online oil & gas event to ever take place. Book private meetings, network, and find the latest news on Licensing Rounds, discoveries, and tech updates.Listen to presentations from Brazil, Namibia, Timor-Leste, Ghana, Morocco, Peru, Argentina, Benin and many more authorities on the same stage for the first time. The countries will discuss their success, challenges and new opportunities after COVID-19. Promote your company to IOCs and service providers from all over the world looking to prospect and expand their business. Who is presenting at the Global E&P Online Summit? ANP, Brazil Ministry of Energy, Ghana Ministry of Mines and Energy, Namibia Ministry of Petroleum and Mineral Resources, Somalia Gabon Oil, Gabon ONHYM, Morocco Perupetro, Peru ANPM, Timor-Leste CUPET, Cuba SOBEH, Benin Ministry of Energy, Sao Tome and Principe and many more, soon to be announced! Three stages, more than 60 topics With hundreds of VIPs, officials from 16 countries, and 12 hours of non-stop streaming, you will have the option to choose the session you are most interested in watching and participate in it, before having private meetings. All three stages will be hosting sessions with different topics, discussions, Q&As and presentations on: onshore and offshore available acreage, upcoming Licensing Rounds in 2021, latest E&P technology advances, farm-in opportunities and many more. For further information please visit: https://www.in-vr.co/global-ep Or contact: firstname.lastname@example.org
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PNG Business News - April 08, 2021
Price of Oil Recovers in Spite of COVID
According to Oil Search, oil prices have risen steadily in recent months from the initial effect of the Covid-19 last year, when prices ranged about US$43 (K150) per barrel of oil (bbl), to levels above US$60/bbl (K210) since February this year. In response to questions, a group spokesperson said,“ To date, there has been no impact to production in our Oil Search operations in PNG as a result of the recent surge in the Covid-19 cases. The increase in confirmed Covid-19 cases in PNG has prompted Oil Search to enact its crisis and emergency management plans. The health and safety of our employees remain the company’s highest priority and teams have been assembled in PNG and Sydney to deploy additional support to protect our people and to ensure the safety and reliability of our operations. At our PNG field locations, we continue to operate under precautionary protocols established in 2020, which includes redeployment of non-essential personnel, restriction of access and travel to field locations and implementation of strict preventative measures and quarantine zones.” He added, “We have enacted additional risk mitigation measures include establishing ‘cocoons’ for our field teams and extending the quarantine period for employees and contractors. To date, there has not been a single positive case recorded in our operating sites outside of quarantine. We have also conducted more than 7,500 Covid-19 tests at our medical clinics and quarantine facilities in PNG. Beyond the safety of our own people and assets, Oil Search stands ready to work with relevant Government and health authorities to assist in PNG’s overall response to the Covid-19. This includes the dissemination of accurate information around the Covid-19 and vaccinations, supporting provincial health authorities to implement an effective vaccination programme, and providing logistics and cold chain support where required and as directed by the Government.”
PNG Business News - April 08, 2021
Lae Chamber Welcomes Green Energy
The Lae Chamber of Commerce and Industry (LCCI) said it welcomes any power plan that is long-term, environmentally friendly and creates jobs in the delivery of efficient, low-cost electricity in Lae and Morobe. President John Byrne referred to concerns regarding the PNG Biomass project in the province's Markham Valley when he said, “PNG Biomass has provided a solution which ticks most of these boxes, whether it fits the plan of PPL (PNG Power Ltd) is a decision beyond our scope. The recent Ramu 2 announcement is another such solution. Our people of Lae, Morobe, and PNG, not only expect but deserve, reliable, constant and cost-effective power solutions.” According to Byrne, the Lae business group praised the Lae PPL team for their commitment, hard work, and communication in maintaining an ageing and insecure grid infrastructure operational. He said many companies that had short or long-term contracts with the government were failing because of the long-standing outstanding Government bills owing to them. “The quantum of debt is not specified but very large and this added to the impact of the Covid-19, resource debates and a lack of forex is taking a toll on the business houses.,” he said.
PNG Business News - April 08, 2021
Businesses Concerned Regarding Government Debts
With the outstanding amount of government debt owed to the sector, pending landowner fees, and rising law and order woes, businesses are concerned about 2022. According to Chey Scovell, chief executive officer of the PNG Manufacturers Board, conversations within the business community revealed that the government owed companies more than K2 billion. “I don’t have an updated list, but from general conversations with business and what is being raised with the various chambers, it would exceed K2 billion,” he said. “We hear that contractors for the Department of Works have claims for this amount alone, so the number could be as high as K3 billion. No doubt they may have paid some, technically a K1 payment would be paying at least some. The Budget hasn’t been able to be implemented properly at all. Recurrent expenditure, monthly bills for things like water, power, security, rent, are not being paid in full or in many cases at all. We’ve suggested that the Government put up an online portal/list, for all creditors to register for the Government to show full or progressive payments.” Scovell compared what the government was doing to the private community to what would happen if everybody started paying taxes for one to five years but continued to use government programs. “They wouldn’t be able to survive, so how is it that they expect businesses to carry on?” he said. “It is also a bit of a cop-out that Treasury is taking a long time and in many instances taking extensive reviews of claims to see if they will pay them and by how much.” Scovell argued that the government was required to behave in good faith and to set a precedent, but that forcing or intimidating companies to make substantial reductions in compensation due for goods and services rendered was bad form. “We note there are many dodgy claims, but there seems to be little evidence that hires car firms, public works contractors and catering firms (reported as problematic areas) are having the same scrutiny,” he said. “BOC Gas waited years to be paid for medical gases such as oxygen supplied to PMGH (Port Moresby General Hospital), it was reviewed twice that I know of and not paid. The other item of note is that debt carried is a growing debt. The older it gets the more it has cost the businesses.” He added, “Also, our currency has been depreciating, many businesses based their fees on the foreign exchange rates at that time, some even had loans Just like our tax penalties, the longer they are overdue, the higher they should become. This Government isn’t doing to others as it does for itself. We still have micro, small and medium enterprises that have suffered duress due to non-payment of bills going all the way back to our 40th Independence, same goes for the 2015 Pacific Games, we hear from the regional chambers that there are many outstanding claims for the past two elections. Again, if we had a publicly available list, the Government wouldn’t be able to hide behind confusion and people could whistleblow on dubious claims.”