Timor-Leste’s official Oil & Gas event goes online

by PNG Business News - May 25, 2020

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: felix@in-vr.co



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PNG Business News - December 02, 2019

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Events

PNG Business News - November 05, 2019

New ‘Coal in Asia’ segment to be launched at the 6th Mining Investment Asia Conference in Singapore

Mining Investment Asia (https://www.mininginvestmentasia.com/), South East Asia’s largest mining conference and exhibition showcasing South East Asia’s mining sector to an international audience of investors and various mining stakeholders, is scheduled to return to Singapore from 17 - 19 March 2020. For this 6th edition, a brand new full day segment entitled ‘Coal in Asia’ will be launched on 17 March to complement the event’s current focus on mining financing, technology and gender diversity. Why Coal in Asia? Coal is a dominant fuel in the rapidly growing economies of South East Asia even amidst a global move towards clean energy. Within the Asian region, India, China and Indonesia play major roles both as consumers and producers of coal. Hence, ‘Coal in Asia’ seeks to focus on what lies ahead for coal in the region and the key drivers for transformation. Major national and private coal mining companies are confirming their participation, with key stakeholders such as Indonesia Coal Mining Association (APBI-ICMA) already supporting this event. Latest speakers Speakers who have come onboard to be a part of Mining Investment Asia 2020 include: Robin Lee, CEO & Founder, Hello Gold (Malaysia) (First time speaker at this event) Raymond Liu, Founding Partner, Havelock Mining Investment (China) (First time speaker at this event) Thao Dh Ngo, Group Executive Chairman, First Indochina Group (Vietnam) Edward Gustely, Managing Director, Penida Capital (Indonesia) Michel Labrousse, Managing Partner, Mazarin Capital (Hong Kong)Hendra Sinadia, Executive Director, Indonesia Coal Mining Association (Indonesia) Cindy Teoh, Associate Editor - Investments, Golden Equator Capital (Singapore) Thomas Puppendahl, Chief Investment Officer, Chancery Asset Management (Singapore) Jayant Bhandari, Mining and Institutional Investor Expert, Anarcho Capital Inc (Canada) Over the past 5 years, the high quality of the speakers assembled at this event has provided insightful regional and international perspectives, leading to Mining Investment Asia being recognised as the leading event in the region for global companies and individuals who wish to understand what makes South East Asia mining industry tick and to meet the key players in this region. Testimonials from past participants Feedback from past attendees have consistently highlighted both the high quality of the speakers and the attendees. In addition, what makes Mining Investment Asia special to them include: Great networking opportunities High level discussions Opportunity to understand and meet the relevant decision makers from the South East Asia mining industry. Constance Tan, Principal Consultant, Alvito Capital Holding (Singapore) opined that ‘When I speak to other delegates here, they agree that it has been a useful forum for them to ask questions and meet like-minded people in the same industry over meals and networking drinks. Overall Mining Investment Asia is a formal yet informal event with plenty of interaction for future collaboration’. Charmaine Olea Capili, Executive Director, Philippine Nickel Mining Association said that ‘It is a big leap for us coming here as an Association as it is the first we are coming out here in South East Asia. We are very excited as it is an opportunity for us to share globally what we have done in our country and our best practices’ Dato Aminudin Hashim, CEO of Menteri Besar Inc, a government body tasked to drive growth in the Malaysian state of Perak, highlighted that ‘Mining Investment Asia is a great event. A good event depends not only on the content but the quality of the attendees. I got to meet many senior players in the industry, from the mining, policy and the financing industry. It is a great meeting of minds from the mining sector here in Singapore’. Spaces are still available for sponsors, exhibitors and delegates who wish to be a part of Mining Investment Asia. Enquiries can be sent to Jarred via email at jarred.lau@spire-events.com or phone at +65 6717 6017. More information can be found at the event website: https://www.mininginvestmentasia.com/ Background on Spire Events Spire Events is a Singapore based events company specialising in mining & energy conferences and expos. Mining Investment Asia is part of the global Mining Investment Conference Series that spans across various locations in Asia, Africa, Europe, Latin and North America and the Middle East. Spire Events also organises the MiningTech Conference Series which focuses on technology in mining and they are held in Chile, South Africa and Brazil. Besides conferences, Spire Events also organises large scale mining and energy expos in Africa, namely Mauritania, DRC, Sierra Leone and Botswana. The full calendar of events can be found at www.spire-events.com

Events

PNG Business News - May 26, 2020

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Recent Articles

Agriculture

Paul Oeka - September 29, 2022

AGRICULTURE HAS HUGE ECONOMIC POTENTIAL

Photo credit: Oxford Business Group The creation of the new ministries by the current government for both major agricultural commodities, Coffee and Oil Palm is a huge step forward in achieving the agriculture sectors economic potential. For the past years the agricultural sector had not been fully utilized by consecutive governments as the focus had mostly been centered on the extractive industry and Mining & Petroleum sector. This important and vital sector is eventually and currently being recognized as an economic pillar to boost the state coffers. Prime Minister Hon. James Marape said the allocation and restructure of the four newly created ministries concentrating on Horticulture (Fresh produce), Coffee, Oil Palm, and Livestock to the agricultural sector is a complete paradigm shift to get agriculture moving again. The focus of the Marape Government on ‘Taking Back PNG’ is deeply rooted and aligned with the mechanisms and functions of the agricultural sector as most of the country’s population are situated in rural settings and largely depend on subsistence agriculture to sustain themselves. Coffee, Cocoa, Oil palm and Fresh produce have been a mainstay that this rural population rely on for income for so many years. As far as many Papua new Guineans can recall and relate, Agriculture has always been the foundation and backbone of the country and it can surely drive the economy forward. Although the agricultural does not match in monetary turnovers for the country, it is an economic foundation and is here to stay. In comparison over monetary benefits with other sectors, Agriculture had not been performing to expectation due to so many underlying issues concerned and faced with the value chain of agricultural commodities prompting a decline in agricultural activities over the years. The Prime Minister said it was no secret that agriculture had declined since independence in 1975, and the current allocation of the four agricultural ministries was to revive the sector for it to be a major income generator for PNG. PM Marape said this when explaining the concept and rationale for his allocation of four ministries to the agricultural sector. This direction by the Marape/Rosso Government to emphasize more on agriculture will boost agricultural activities in and around the country. Mostly the sector had not been given proper recognition for decades and had been lacking government intervention from past successive governments. Now with the current Government’s backing, the respective agricultural ministries and its industries are expected to flourish dramatically and are likely to bring more benefits. The new ministries will also empower provinces that currently do not have mining and petroleum resources. This will certainly build stronger local economic activities for future generations. “We want to see import replacement and more exports within the agriculture sector, which is why we have allocated four separate ministries to agriculture,” PM Marape said. The recognition of this agricultural industries will also ease and slowdown rural-urban drift. The number of people migrating from rural areas into towns and cities in search for better opportunities have risen in the past couple of years due to inequality in the distribution of wealth and lack of government services. Thus, the governments focus on agriculture will encourage many unemployed Papua New Guineans living in urban areas to go back to their home Provinces or villages and be self-reliant. As economic opportunities arise in rural areas from vibrant and innovative policy interventions within these newly created agricultural ministries, it will attract many to contribute meaningfully and be productive on their own customary land. Prime Minister Marape said over the last three years prior to the creation of the new agricultural ministries, his government has given millions of kina to support agriculture through price and freight subsidies and SME support. “We are now targeting specific commodities through the establishment of the four ministries. Over the next term of government, we will give specific production targets for Coffee, Oil Palm and all other major agricultural Commodities” he said. The government also plans to revive and rehabilitate once thriving agricultural hubs in the country such as Cattle farming in the Central Province and the Coffee plantations of the Highlands region that produced quality organic Coffee and grew the fledgling industry pre-independence in the 1960’s.   Now that the agricultural sector has been categorized into four industries, there will be room for much improvement in economic activity within the agricultural sector as people will start contributing meaningfully to the economy.

Business

Paul Oeka - September 28, 2022

TREASURER WANTS REVIEW OF ELECTION FUNDS

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Commentary

PNG Business News - September 28, 2022

PNG’s minimum wage

Commentary by Stephen Howes, Kingtau Mambon and Kelly Samof The urban minimum wage has been an important part of Papua New Guinea’s economic history. In the last few years before independence (in 1975), it was greatly increased. In the decade or so after independence, it was widely regarded as too high. In 1992, it was slashed, merged with the rural minimum, and hardly increased again for more than a decade. We can compare the minimum wage in PNG today with other Asia and Pacific developing countries using International Labour Organization (ILO) data. As Figure 1 shows, PNG’s minimum wage is 18% below the average of the 19 countries shown if the market exchange rate is used to compare minimum wages. It is 37% below the average if differences in cost of living are also taken into account (with conversions made on the basis not of market exchange rates but so-called purchasing power parities or PPPs). The greater difference in terms of PPPs reflects PNG’s relatively high cost of living. Of the countries shown, only Samoa and Kiribati have a lower minimum wage than PNG when a PPP comparison is made. This is very different to the past. Raymond Goodman, Charles Lepani and David Morawetz in their 1985 report The economy of Papua New Guinea compared minimum wages in PNG with a subset of the countries above back in 1978. Then, the PNG minimum wage was about twice as big or more than the other comparators. Today (using market exchange rates, and the earlier authors do), PNG comes in the middle of the pack, as Figure 2 shows. So far, we have shown that around the time of independence minimum wages were very high in PNG by international standards, and that they no longer are. Figure 3 shows how this change came about – also, for interest, comparing trends in PNG with those in Australia. Both the PNG and Australian weekly minimum wages are shown in Figure 3 measured in Australian dollars. The PNG minimum wage is converted into Australian dollars using the current exchange rate. Both wages are then adjusted for inflation and expressed in 2021 prices. The two series follow diametrically opposed paths. The Australian minimum wage fell with the high inflation of the 1970s and industrial relations reforms of the 1980s, and by the early 1990s was little more than half its value in the 1970s. It then increased in the late 1990s and 2000s during the resource boom, and has continued to increase. Adjusting for inflation, it is now almost back to where it was in the early 1970s. The PNG minimum wage does the opposite. It increased in the 1970s and was then held stable due to indexation, until the big bang reforms of 1992. Adjusted for inflation, PNG’s minimum wage continued to fall until 2004. There have since been some significant increases, but today PNG’s minimum wage is only about one-third of its value at independence, and below its value even in 1972, which is when the steep minimum wage increases began. The Australian minimum wage has always been significantly higher than the PNG one, but the ratio has changed a lot over time. The lowest that ratio has ever been is 2.2 in 1986, the highest 45 in 2004. The gap between the two wages is much higher now than at independence: the ratio of the Australian to the PNG minimum wage was 14.5 in 2021, compared to only 3.2 at independence (1975). This reflects PNG’s 1992 deregulation, and the faster growth in the Australian economy, which has enabled an increase in the Australian minimum wage. The solution to low wages in PNG is not necessarily to increase the minimum. In some sectors, where there is a lot of international competition, a higher minimum wage might lead to job losses. For example, in tuna processing, one of PNG’s main competitors is the Philippines. From Figure 1, we can see that PNG’s minimum wage is lower than the Philippines' on the basis of PPPs, but actually higher on the basis of market exchange rates. While the former is what matters for the welfare of workers, the latter is what matters for international competitiveness. Whether PNG’s minimum wage should be increased will require a lot more analysis. The point of this blog is simply that PNG’s minimum wage does not look high any more by international comparisons, as it has fallen a lot since independence. PNG is often described as a high-cost economy, and this is a fair description. However, with regards to unskilled labour, it is no longer a high-wage economy.   Data note: The PNG Economic Database provides the weekly minimum wage of PNG going back to 1972, and the PGK-AUD exchange rate. Wikipedia provides the Australian weekly minimum wage data (hourly and weekly, on the assumption of a 38-hour week) starting from 1966. The Australian CPI is from the Australian aid tracker. There are some years where Australian minimum wage rates change more than once in a year. For such cases, we took the average as annual minimum wage rate. The data for Asia-Pacific comparisons are from the International Labour Organization and the World Bank. The different frequencies of minimum wages for each country in 2019 in the ILO’s report are adjusted to convert to weekly rates. World Bank data is used to obtain market exchange rates and PPP conversion factors. For the Goodman, et al., data go to Table 3.6 on p.61 in their report.\ Disclosure: This research was undertaken with the support of the ANU-UPNG Partnership, an initiative of the PNG-Australia Partnership, funded by the Department of Foreign Affairs and Trade. The views are those of the authors only. This article appeared first on Devpolicy Blog (devpolicy.org), from the Development Policy Centre at The Australian National University. Stephen Howes is Director of the Development Policy Centre and Professor of Economics at the Crawford School of Public Policy, at The Australian National University. Kingtau Mambon is currently undertaking a Master of International and Development Economics at the ANU Crawford School of Public Policy, for which he was awarded a scholarship through the ANU-UPNG Partnership. Kelly Samof is a lecturer in economics at the School of Business and Public Policy, University of Papua New Guinea.

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