PNG Business News - August 24, 2021
Oil Search Announces Half Year 2021 Results
Oil Search today announced a strong half year result for the period ended 30 June 2021, posting a net profit after tax (NPAT) of US$139.0m and the highest free cashflow since the 2018 PNG earthquake. The Board declared an interim dividend of US3.3 cents per share, representing a payout of 49% of NPAT, in line with Oil Search’s dividend policy. “Our half year result speaks to the sustained and focused efforts of our people across every part of the business. Importantly, it demonstrates that we are successfully executing on our strategy, paving a clear path for the delivery of expansion and growth projects through the remainder of 2021 and into 2022.” 1H21 Overview Mr Fredricson said, “Oil and LNG markets have continued to recover from the initial economic impacts of the COVID19 pandemic led by a robust demand rebound in Asia. We have seen a significant increase in core earnings, reflecting higher realised oil prices and a sustained focus on reducing underlying costs, whilst a lower net debt position has contributed to a significant improvement in the company’s overall financial strength. “Solid operational performance allowed PNG LNG to continue producing above nameplate capacity, despite curtailed volumes during the completion of a major planned maintenance program. Operated oil production grew by 3% from the first half of 2020 with the Moran field outperforming. “Our continued discipline towards capital management has bolstered our balance sheet. Introducing a level of commodity price hedging into our strategy reduces the company’s downside exposure to oil price volatility and, in the half, we were able to participate in the oil price upside above our hedged floor price of $55 per barrel. “Oil Search’s strong safety performance through the first half of 2021 underscores our ongoing commitment to the safety and wellbeing of our people. We have not taken our eye off the ongoing risks of COVID-19 to our people, operations and communities and we continue to assess and adapt our protocols as circumstances require. Our proactive approach has been key to ensuring that our operations remain safe and reliable despite ongoing COVID-19 restrictions on the movement of people and resources. “In support of our ambition to achieve net zero carbon emissions by 2050, we have implemented a carbon abatement program and commenced programs that aim to deliver a 30% reduction in GHG intensity across our operated facilities by 2030. Our commitment to sustainability for all stakeholders has been reinforced with the release of an updated HSES Policy and Manual; the launch of our Human Rights and Sustainable Communities Policies; and registration of our first Modern Slavery Statement. Together, these steps emphasise the central role of sustainability in our corporate strategy and underscore our ongoing commitment to public disclosure and transparency in reporting.” Board and senior management On 24 June 2021, Dr Bakheet al Katheeri resigned from the Board following major shareholder, Mubadala, reducing its shareholding in Oil Search. On 19 July 2021 Oil Search’s Managing Director, Keiran Wulff, resigned and incumbent CFO, Peter Fredricson, was named Acting Chief Executive Officer. On 9 August 2021 Beth White was announced as EVP Group Finance (Acting), Sustainability & Technology. Santos revised proposal After an improved non-binding, indicative merger proposal was received in late July, a proposed 61.5 / 38.5 merger ratio was agreed with Santos Ltd on 2 August 2021. If the transaction is approved, Santos will acquire all Oil Search shares by exchanging 0.6275 new Santos shares for each Oil Search share at completion. Subject to each party completing due diligence on the other and the parties entering into a binding Merger Implementation Deed, the intention of the Oil Search Board is to unanimously recommend that shareholders vote in favour of the revised Santos proposal. Any such recommendation will be subject to an independent expert concluding that the proposal is in the best interests of Oil Search shareholders, and to no superior proposal being received. Due diligence is currently underway and the parties have commenced negotiations on a Merger Implementation Deed. Any Merger Implementation Deed would be subject to a number of conditions including Oil Search shareholder approval, PNG National Court approval and other regulatory approvals. Mr Fredricson said, “Santos’ revised proposal presents Oil Search shareholders with an opportunity to maintain ongoing exposure to Oil Search’s portfolio of world-class assets as part of a larger merged group, which is expected to be an ASX20 entity and amongst the 20 largest global oil and gas companies.” Papua New Guinea Oil Search’s portfolio of high-quality assets in PNG continued to drive strong performance in the first half of 2021 and, across Oil Search operated assets, oil production increased slightly from the previous corresponding period. PNG LNG gross throughput delivered an annual average run rate of 8.24 million tonnes per annum (MTPA) during the first half of 2021, representing 119% of the 6.9 MTPA nameplate capacity. This result was achieved despite a fiveweek planned shut-in during the second quarter, allowing for the successful completion of a major maintenance program. Papua LNG continues to progress following the signing of a Fiscal Stability Agreement and the award of a five-year licence extension during the first half of the year. Supported by increasing alignment among stakeholders, the project is on track to enter FEED in 2022. Negotiations on PRL3 (P’nyang), in which Oil Search holds a 38.5% interest, reached a milestone in August with the PNG Government and PRL3 operator announcing their intention to re-engage on the P’nyang project. The announcement advises that if the process goes well, a P’nyang Heads of Agreement could be signed with the aim to agree a Gas Agreement thereafter. “PNG LNG remains a highly valued world class asset, with a leading operator. We are well positioned to maximise facility utilisation beyond 2030 and remain focused on delivering on a number of growth projects. In addition, our operated oil and gas production remains fundamental to the operation of PNG LNG and will support continued production well into the next decade,” Mr Fredricson said. Alaska In support of efforts toward FID, the current summer field program is nearing completion, with work focused on final preparation of the Pikka Phase 1 gravel roads and pads, initially installed in the winter of 2019/2020, for use during the next phase of construction. With the technical aspects of the Pikka project tracking well to schedule and the FEED phase of development nearing completion, Oil Search and its co-venture partner in Alaska are focused on ensuring appropriate risk allocation and funding is in place prior to taking FID. FID timing will be subject to the delivery of these strategic priorities as well as partner approvals. To this end, a range of funding options continue to be pursued, including the selldown of an equity interest, the sale of mid-stream infrastructure and other non-recourse debt funding options. “Alaska represents a key component in the Oil Search growth strategy. Pikka is also poised to play an important role in improving Oil Search’s GHG emissions intensity. The Pikka Project is aligned with the objectives of the Paris Agreement and is positioned within the top quartile for global GHG performance with an expected GHG intensity that is on average 43% lower than other conventional onshore oil and gas developments7 . The project is well progressed and positioned to move to FID when we achieve appropriate risk allocation and funding in alignment with our focus on maintaining discipline in capital allocation,” Mr Fredricson said. Dividends The Board declared an interim unfranked dividend of US3.3 cents per share for the first half of 2021 and dividends for the full year are expected to be within Oil Search’s target payout ratio of 35 to 50% of core net profit after tax, as this is considered to be an appropriate framework for distributions to shareholders as well as retaining funds for growth. Summary and outlook Mr Fredricson said, “We are committed to delivering value to our shareholders and are engaging with Santos in relation to the proposed merger proposal whilst continuing to support the execution of our strategy in the event that we remain a standalone business. We are on track to meet our previously stated production and cost guidance and to deliver a strong 2021 full year result. We continue to take full advantage of the ongoing recovery in oil and condensate prices as benefits from increased contracted LNG prices flow into the second half of the year.” Mr Fredricson concluded, “While the first half of 2021 has been a challenging period for the business, our world class assets and outstanding management team provide a strong foundation for creating ongoing value for shareholders. Our resilient operations are expected to continue to deliver strong cash flows in years to come and we remain focused on commercialising our 2C resource base whilst appropriately managing our risks and remaining disciplined in our allocation of capital. We are focused on the management of costs across our operations as we continue to deliver on our purpose - delivering low cost, high value energy that meets society’s needs”. All forward-looking statements are based on the assumption that there is no material change in market conditions and no significant COVID-19 outbreak affecting operations. Article Courtesy of Oil Search
PNG Business News - August 23, 2021
BSP Announces K499.3M Profit
For the six months ending June 30, 2021, Bank South Pacific Financial Group Ltd (BSP) reported a net profit of K449.3 million, up 17.6 percent from the same time the previous year (K381.9 million). Sir Kostas Constantinou, the group's chairman, noted that the relaxation of pandemic-related domestic limitations, along with better liquidity levels in PNG and offshore branches other than Fiji, contributed to the group's success. Fiji has been badly impacted by the Coronavirus (Covid-19) Delta variant effects, he added, with economic activity being muted when the results were announced. Other outcomes include: Total group revenue increased by 8.4 percent, with progress in most revenue structures. The interest rate on loans was reduced by 6.9%. The group's foreign exchange-related income grew by 6.1% from 2020 to 2021, owing to better currency flows resulting from Bank of PNG actions. The amount spent on operating expenditures grew by 8.6% to K439.9 million. Depreciation related to the replacement of the new core banking system, professional service fees linked with the ASX listing, which was completed successfully in May this year, and higher employee costs all contributed to the rise. The group's total assets increased by 5% (K1.4 billion) in the first half of the year, owing to strategic expansion in investment securities that took advantage of available liquidity. Due to the sluggish rate of economic recovery in all nations, lending growth remains a challenge. The total impairment charge was K62.6 million, down from K111.5 million in the previous period, which included a significant increase in provisions to account for the unknown possible effect of Covid-19 at the time. Provisioning costs have leveled out this year as macroeconomic conditions have improved and the impact of Covid-19 on the balance sheet has become more certain. The total amount of allowances for losses on loans and advances grew from K788.6 million (5.7%) in June 2020 to K872.6 million (6.1%) in June of this year. The capital basis of the company is still robust. Total capital adequacy was 23.1 percent in June this year, compared to 21.3 percent in June 2020. Reference: The National (19 August 2021). “BSP reports K449m profit”.
PNG Business News - August 23, 2021
Using dewatering systems to improve site efficiency
Photo: Multiflo® mega barges on site in Brazil Dewatering is critical to a mine’s operations and more resources are being allocated to its optimisation. Traditionally, there’s been a tendency among some mine and quarry operations to view dewatering as something to be avoided at all costs – until it can’t be. Therefore, cost minimisation has been the primary focus when it comes to implementing a dewatering or fluid management solution. However, with dewatering becoming increasingly necessary, operators are approaching these challenges in more sophisticated and methodical ways. The trends informing dewatering practices mirror many of those that are observable across all mining processes: a focus on sustainability and the efficient use of energy and other resources; customised, holistic solutions based on each sites unique geological and climatic conditions; and the emergence of new technologies, with a particular focus on real-time monitoring. Dewatering solutions that are carefully designed and implemented have the potential to reduce energy usage, CO2 emissions and significantly lower OPEX over the life of the mine. The overall efficiency is affected by individual elements, but also by how these elements interact and operate with one another. The renewed focus on pumping efficiency requires a significant shift in how many operators have previously approached dewatering and fluid management on site. Because most dewatering programs have been designed with the singular focus of lowering groundwater levels as quickly as possible, they often have excess pumping capacity and oversized pipes and pumps operating at only a fraction of their capacity – a process that’s inherently inefficient. This needs to change to accommodate the increased focus on efficient use of energy and water, which is critical to maintaining a social licence to operate. Multiflo® MF pump unit on site in Indonesia Improving pump efficiency begins with effective monitoring. There have been enormous improvements in electronic control and communication systems in the last few decades. Real time reporting and control of pumping systems can now be an economic reality for almost any mine site. The more visibility you have over your fluid management on site – flow rates, operating pressures, groundwater level, water quality, system relocations, alternate drive solutions, equipment selections to reduce maintenance and repair cycles, etc. – the better placed you will be to install the most appropriate equipment. The industry is moving towards customised solutions and there’s a growing awareness that no two sites are the same, which means a one-size-fits-all approach to dewatering is neither cost effective nor sustainable. Weir Minerals has a global team of dewatering experts who partner with mine operators to assess their specific requirements and provide integrated solutions. With a long and proud history of innovative engineering, Weir Minerals has a team of process and design engineers armed with the latest technology, specific process knowledge and site experience to optimise your dewatering management processes. We take advantage of our global capabilities and engineering skills to provide our customers with the best solution as quickly as possible. With an extensive global network and the ability to service on-site or at one of our 130 dedicated service centres, we are always there when you need us - no matter how remote your operation is.
PNG Business News - August 02, 2021
Oil Search Records $366 Million in Second Quarter
Photo Credit: Oil Search Oil Search reported operating revenue of US$366.2 million (K1 billion) in the second quarter, up 21.5 percent from the first quarter (Q1). Other noteworthy features include: Oil output from operational fields increased by 4.6 per cent in the second quarter, owing to Moran's strong performance. PNG LNG output averaged 8.0 MTPA (gross), delivering a strong quarter of non-operated production. Total output of 6.6 million barrels of oil equivalent (mmboe) was down 4.1% from Q1 due to maintenance work; In Q2, work on Papua LNG's technical, commercial, and financial aspects began; The PIKKA project FEED is still going strong, with FID contingent on proper risk allocation and finance. So far, there have been no Covid-19 instances in Oil Search PNG field activities Continuing to provide supply chain and logistical support to the Government's Covid-19 response through a PNG industry task team, as requested; and In comparison to March 2021, net debt has decreased by 5.3%. Oil Search produced good production in the most recent quarter, according to acting CEO Peter Fredricson, "backed by the operator, ExxonMobil, safely completing the large scheduled maintenance campaign at PNG LNG." “Operated production from our Moran and Agogo fields continues to perform strongly and operated gas production was able to offset some reduced production from the Hides Gas conditioning plant during upstream maintenance activities,” he said. “The macro-environment helped drive an increase in revenue despite the planned rate reduction at PNG LNG during the quarter. “Sales volumes were broadly similar to the first quarter due to careful inventory management and flexibility from using the spot market. “While the Covid-19 outbreak continues to impact Papua New Guinea, strict operating procedures and logistical measures have ensured continued safe and reliable production with no impacts to Oil Search or ExxonMobil operated production facilities.” Reference: The National (28 July 2021). “Oil Search records US$366mil second quarter revenue”.
PNG Business News - July 29, 2021
Kumul Petroleum Supports PMGH Cancer Centre Structural Works
Photo Credit: Kumul Petroleum - Prime Minister of Papua New Guinea James Marape has the honour as Trustee of Kumul Petroleum to handover, in a symbolic gesture funds to the value of K10 million to the Port Moresby General Hospital to support the completion of structural works for the Cancer Centre. Structural works for the Cancer Centre at Port Moresby General Hospital will continue as planned following the boost of much needed funds by Kumul Petroleum Holdings Limited (Kumul Petroleum). The funding boost by Kumul Petroleum at the value of K10 million will assist with the smooth flow and completion of the Cancer Center structural works after construction had stalled early this year due to a lack of funds. The scoop of work for the completion of the construction includes the roof; upper floor; roof over the banker; including plant room and walls on both ground and first floors. ”Kumul Petroleum is proud to support the structural phase of the Cancer Centre construction works that will house key infrastructure (2 cancer bunkers) that will be important to the health and well-being of Papua New Guineans who seek cancer treatment, said Kumul Petroleum Managing Director Mr. Wapu Sonk. “Our organisation is passionate about supporting the efforts of the National Governments Strategic Vision to improve healthcare in the country and to see the hospital provide the highest quality of care for all Papua new Guineans, but for this to happen it is important that we have the infrastructure to do so. Hence, our support to this project”. Dr. Paki Molumi, Chief Executive Officer of Port Moresby General Hospital acknowledged Kumul Petroleum for its continuous support to the hospital and to specialist health care in Papua New Guinea, saying: “Port Moresby General Hospital is working to develop modern, world class facilities, that the designs for the cancer facility is in full compliance with international standards and construction has been professionally supervised to ensure continuing compliance.” “We are very grateful at Port Moresby General Hospital to receive this funding support from Kumul Petroleum on top of its other commitments. Such support from a national company is vital to the success of this facility and, will help to ensure that we stay on target to complete the facility and begin providing services to the people of Papua New Guinea as soon as possible”.
PNG Business News - July 26, 2021
Norton is New Acting CEO of Capital Insurance Group
Jerry Norton has been appointed as the acting chief executive officer for the Capital Insurance Group of companies, the firm announced in a statement. CIG Chairman Michael Koisen announced last week that Norton’s appointment follows the resignation of David Lee as the Group CEO. Norton was previously the CIG Group chief operating officer. The company said he has a strong technical, commercial and leadership background with more than 20 years insurance industry knowledge across a broad range of disciplines in both life and general insurance. These include being regional general manager for Tower Insurance Pacific, and Norton has held other senior executive roles in the insurance industry. “We are confident that Mr. Norton will continue to lead the team and work closely with the board, its shareholders, and customers to deliver value to the hundreds of thousands of Papua New Guinean shareholder members that CIG represents,” Koisen said. As for Lee, Koisen said: “Mr. Lee has provided strong leadership during his tenure, and we acknowledge his positive contribution to CIG and its subsidiaries. However, the board has accepted his resignation due to the pandemic restrictions and his inability to travel back from New Zealand.”
PNG Business News - July 21, 2021
Porgera Mine Continues COVID-19 Vaccination Program
The Porgera Mine in Enga Province will continue to roll out its COVID-19 vaccination program for employees and contractors, who are currently part of the Care and Maintenance (C&M)team. When the AstraZeneca vaccine was rolled out at the mine site on the 21st May 2021, 23 volunteer employees and contractors received the jab, and to date a total of 162 employees and contractors have been vaccinated. So far two employees have received their second shots after being vaccinated initially at their point of hire, while the first 23 volunteers are expected to receive their second jab in August. As a part of the company’s commitment and to encourage employees to get vaccinated, an incentive program was launched this week that gives K50 cash to employees after receiving their first jab, and a monthly draw for a K500 voucher. This has seen the number of employees and contractors receiving the jab increase, with our highest weekly number of 34 vaccinated employees. The vaccine is being administered weekly by the Mine Medical team and the rest of the C&M workforce are being encouraged to get the jab. PJV Chief Medical Officer Dr. Isaac Asa said it has been a challenge to encourage employees due to misinformation and conspiracy theories, but he is encouraged to see the number of employees and contractors coming forward each week gradually increasing. “We usually get on average 14-15 employees on vaccination day, but since the beginning of the incentive program that has doubled. Many employees and contractors are still hesitant to get the vaccine due to misinformation and conspiracy theories.“ PJV will continue to educate and encourage all of its employees and contractors to get vaccinated to protect themselves, their work colleagues, and their families from COVID-19, with the incentive program the latest initiative the Mine Management team has implemented. The Niupela Pasin protocols are strictly being observed across site.
PNG Business News - July 15, 2021
Don't Fall Prey to a Phishing Scam
Phishing prevention has become essential as more criminals turn towards online scams to steal your personal information. Since you will likely be exposed to a phishing attack eventually, you’ll need to know the red flags. Because scams are nothing new on the web, but phishing is harder to spot than you might think. Across the web, phishing attacks have baited unsuspecting victims into handing over bank info, cash, and more. If you so much as click a link, you could be the scammer’s next victim. What is Phishing? Phishing persuades you to take an action which gives a scammer access to your device, accounts, or personal information. By pretending to be a person or organisation you trust, they can more easily infect you with malware or steal your credit card information. In other words, these schemes “bait” you with trust to get your valuable information. These schemes may urge you to open an attachment, follow a link, fill out a form, or reply with personal info. You must be on guard at all times which can be exhausting. These threats can get very elaborate and show up in all types of communication, even phone calls. The danger of phishing is that it can deceive anyone that isn’t on guard. Let’s unpack how phishing attacks work. How does Phishing work? Anyone who uses the internet or phones can be a target for phishing scammers. Phishing scams normally try to: Infect your device with malware Steal your private credentials to get your money or identity Obtain control of your online accounts Convince you to willingly send money or valuables Sometimes these threats don’t stop with just you. If a hacker gets into your email, contact list, or social media, they can spam people you know with phishing messages seemingly from you. Trust and urgency are what makes phishing so deceiving and dangerous. If the criminal can convince you to trust them and to take action before thinking — you’re an easy target. Who is at risk of Phishing Attacks? Phishing can affect anyone - everyone from the elderly to young children are using internet devices nowadays. If a scammer can find your contact information publicly, they can add it to their phishing target list. Your phone number, email address, online messaging IDs, and social media accounts are harder to hide nowadays. So, there’s a good chance that just having one of these makes you a target. Spam Phishing Spam phishing is a broad net being thrown to catch any unsuspecting person. Most phishing attacks fall into this category. To explain, spam is the electronic equivalent of the ‘junk mail’ that arrives on your doormat or in your postbox. However, spam is more than just annoying. It can be dangerous, especially if it’s part of a phishing scam. Phishing spam messages are sent out in mass quantities by spammers and cybercriminals that are looking to do one or more of the following: Make money from the small percentage of recipients that respond to the message. Run phishing scams – in order to obtain passwords, credit card numbers, bank account details and more. Spread malicious code onto recipients’ computers. Spam phishing is one of the more popular means that scammers get your info. However, some attacks are more targeted than others. Targeted Phishing Targeted phishing attacks usually refers to spear phishing or it most common variant whaling. Whaling takes on high-level targets, while spear phishing widens the net. Targets usually are employees of specific companies or government organisations. However, these scams can easily be aimed at anyone seen as particularly valuable or vulnerable. You might be targeted as a customer of a targeted bank, or an employee of a healthcare facility. Even if you’re just responsive to a strange social media friend request, you might be phished. Phishers are much more patient with these schemes. These personalised scams take time to craft, either potentially for a reward or to increase the chances of success. Building these attacks may involve gathering details about you or an organisation you happen to be involved with. Phishers might take this information from: Social media profiles Existing data breaches Other publicly discoverable info Moving in for an actual attack might be swift with an immediate attempt to encourage you to take an action. Others might build a connection with you for months to earn your trust before the big “ask.” These attacks aren’t limited to direct messages or calls — legitimate websites might be hacked directly for a phisher’s benefit. If you’re not careful, you might be phished just by logging in to site that is normally perfectly safe. Unfortunately, it seems many people are convenient targets for these criminals. Phishing has become a new “normal” as these attacks have ramped up in frequency. Some examples of common Phishing scams Whilst it would be impractical and impossible to list every known phishing scam here, there are some more common ones you should definitely look out for: Iran Cyberattack phishing scams use an illegitimate Microsoft email, prompting a login to restore your data in attempts to steal your Microsoft credentials. Scammers use your fear of being locked out of Windows and the relevance of a current news story to make it believable. Office 365 deletion alerts are yet another Microsoft-related scam used to get your credentials. This email scam claims that a high volume of files have been deleted from your account. They give a link for you to login, of course resulting in your account being compromised. Notice from bank. This scam tricks you with a fake account notification. These emails normally give you a convenient link which leads to a web form, asking for your bank details “for verification purposes.” Do not give them your details. Instead, give your bank a call as they may want to take action on the malicious email. Email from a ‘friend’. This scam takes the form of a known friend who is in a foreign country and needs your help. This ‘help’ normally involves sending money to them. So, before you send your ‘friend’ money, give them a call first to verify whether it’s true or not. Contest winner/Inheritance email. If you’ve won something unexpectedly or received an inheritance from a relative you've never heard of — don’t get too excited. Most of the time these emails are scams that require you click on a link to enter your info for prize shipment or inheritance ‘verification’. Coronavirus/COVID-19 phishing scams are the latest. One of the most notable is the Ginp banking trojan which infects your device and opens a web page with a “coronavirus finder” offer. It baits people into paying to learn who is infected nearby. This scam ends with criminals taking off with your credit card info. Steps to protect yourself from Phishing Internet protection starts with your mindset and behaviour toward potential cyberthreats. Even for cautious users, it's sometimes difficult to detect a phishing attack. These attacks become more sophisticated over time, and hackers find ways to tailor their scams and give very convincing messages, which can easily trip people up. Here are a few basic measures to always take with your emails and other communications: Employ common sense before handing over sensitive information. When you get an alert from your bank or other major institution, never click the link in the email. Instead, open your browser window and type the address directly into the URL field so you can make sure the site is real. Never trust alarming messages. Most reputable companies will not request personally identifiable information or account details, via email. This includes your bank, insurance company, and any company you do business with. If you ever receive an email asking for any type of account information, immediately delete it and then call the company to confirm that your account is OK. Check email addresses. Some replicate very closely the ‘real’ email addresses of companies – some just use a gmail address – a sure sign that it’s a scam. Do not open attachments in these suspicious or strange emails — especially Word, Excel, PowerPoint or PDF attachments. Avoid clicking embedded links in emails at all times, because these can be seeded with malware. Be cautious when receiving messages from vendors or third parties; never click on embedded URLs in the original message. Instead, visit the site directly by typing in the correct URL address to verify the request, and review the vendor's contact policies and procedures for requesting information. Keep your software and operating system up to date. Windows OS products are often targets of phishing and other malicious attacks, so be sure you're secure and up to date. Especially for those still running anything older than Windows 10. Reducing your spam to avoid Phishing Here are some more useful tips – from Kaspersky’s team of Internet security experts – to help you reduce the amount of spam email you receive: Set up a private email address. This should only be used for personal correspondence. Because spammers build lists of possible email addresses – by using combinations of obvious names, words and numbers – you should try to make this address difficult for a spammer to guess. Your private address should not simply be your first and last name – make it hard for scammers to guess. Set up a public email address. Use this address when you need to register on public forums and in chat rooms, or to subscribe to mailing lists and other Internet services. Treat your public address as a temporary address. The chances are high that spammers will rapidly get hold of your public address. Don't be afraid to change your public email address often. Phishing and the importance of Internet Security Software One of the simplest ways to protect yourself from becoming a victim of a phishing scheme is to install and use proper Internet security software on your computer. Internet security software is vital for any user because it provides multiple layers of protection in one simple-to-manage suite. Anti-spam software is designed to protect your email account from phishing and junk emails. Anti-malware is included to prevent other types of threats. Similar to anti-spam software, anti-malware software is programmed by security researchers to spot even the stealthiest malware. By using an anti-malware package, you can protect yourself from viruses, Trojans, worms and more. By combining a firewall, anti-spam and anti-malware into one package, you can provide extra backups that keep your system from being compromised, if you do accidentally click on a dangerous link. They are a vital tool to have installed on all your computers as they are designed to complement common sense. In addition to having virus protection software on your computer, it is crucial to use a password manager to manage your online credentials. Today, it is vital to have different passwords for all websites. If a data breach ever occurs, malicious attackers will try using the discovered credentials across the web. While technology is a rapidly evolving field, by using a security package from a reputable security vendor, you can secure your devices from phishing and other malware threats. Savi Moni offers a range of financial literacy training, tools, tips and resources aimed at improving the financial wellness levels of Papua New Guineans. It’s no use being financially ‘well’ and then lose your hard earned cash to Phishing Scams. Learn more at www.savimonipng.com Information in this article sourced from https://www.kaspersky.com/
PNG Business News - July 15, 2021
Addressing Sexual Harassment with Company ASH Policy
Sexual Harassment is a problem not just for employEES but also for employERS. Did you know that there are real and significant business costs associated with Sexual Harassment? Statistics show that 1 in 5 women and 1 in 20 men experience sexual harassment in the workplace. The Business Case for Addressing Sexual Harassment In addition to the moral imperative for addressing Sexual Harassment there is also a strong business case. Adverse Results may include: High levels of stress and demotivation among employees Reduced productivity Compromised teamwork Increased absenteeism And in some cases, higher turnover-Company perspective – limits access to a diverse talent pool if potential applicants fear harassment. There are Increased Costs associated with the above negative impacts. Although it is difficult to quantify how much money PNG businesses are losing every year due to Sexual Harassment, the Institute for Women’s Policy Research www.iwpr.org has compiled some interesting studies on the cost to American businesses – across multiple sectors it’s in the HUNDREDS of MILLIONS - $US!!! High Risk Employment Situations Is your workplace associated with any of the following high-risk factors? If yes, your employees are at greater risk of experiencing Sexual Harassment. Working remotely or in an isolated context: Working in a male-dominated job: Working for tips: Workers who rely on tips as part of their income (e.g., accommodation and food service workers). Let’s Focus on Solutions The Business Coalition for Women is a ‘solutions focussed’ organisation. We have PNG-nuanced resources available to help our member businesses PREVENT and RESPOND to Sexual Harassment. These resources include: A best practice model Anti-Sexual Harassment Policy Training and consultation services to help tailor our Sexual Harassment Policy to the unique characteristics of individual businesses Anti-Sexual Harassment Training (specifically designed for HR/OHS professionals) Sexual Harassment information and awareness sessions and workshops FREE one-hour education sessions for staff on Sexual Harassment in the Workplace and or Family & Sexual Violence and the Workplace (for new members) PNG Corporate Sector’s Response The response and leadership demonstrated by PNG businesses like Bank South Pacific, nasfund, Hastings Deering and others are significant. These businesses are implementing the Anti-Sexual Harassment and other best practice workplace policies to ensure safe workplaces for all. “BSP recognizes the pervasiveness and severity of family and sexual violence and sexual harassment impacting the workplace. As a responsible employer, we are compelled to invest in appropriate resources and initiatives which have been developed specifically for the business community” said BSP Group CEO Robin Fleming. "Often people do not understand as to what behaviour constitutes sexual harassment. Having a distinct policy in place which defines sexual harassment and clearly articulates unacceptable behaviour and its consequences is the key to preventing sexual harassment in the workplace. It helps to improve the team morale as staff feel protected. In the long run it contributes to the positive corporate culture of the organization" Seema Dass-Raju- Chief Risk & Compliance Officer, nasfund. Sexual Harassment Policy – Crucial First Steps Your first line of defence (and a crucial first step in preventing Sexual Harassment in your workplace) is a Sexual Harassment Policy (sometimes referred to as an ANTI Sexual Harassment Policy).A strong Sexual Harassment policy can transform employee relations and office culture from toxic and harmful to rewarding and beneficial. A policy reflects a firm stance against Sexual Harassment. For those organisations that do not have such a policy, we hope that you will be inspired to take action and implement one. Please contact the Business Coalition for Women on: firstname.lastname@example.org for more information.
PNG Business News - July 15, 2021
A Sea Change for the PNG Project Support Sector
A company that has operated in Papua New Guinea for 13 years recently announced that it has changed its name to PNG CR Services Company Limited. Previously known as the Red Sea Housing Company, it has completed 127 major projects, constructing more than 15,000 project accommodation rooms and 750 support facilities for clients such as ExxonMobil, Oil Search, and the Australian Federal Police, while winning 18 awards during the completion of its construction work. “We are rebranding to create a stronger image, signifying our commitment to Papua New Guinea and strengthening our position in the local infrastructure, camp construction and facilities management sector,” the company said in a statement. “We are able to offer modular and containerised construction, facilities maintenance and management, MER and technical manpower. To further add value to our clients we provide project accommodation and offices facilities for lease in Port Moresby and at 11 Mile, outside Lae in Morobe Province,” it added. PNG CR builds on its international connections and technical expertise through its parent company’s operations across four continents. The group’s business model operates under a design-construct-operate, A-Z solution to support the needs of its clients. This approach enables any concept to be effectively delivered since it is solely under the control of one contracting entity, creating a seamless flow that is efficient and robust, producing the quality product and service the group is recognised as delivering. “We have years of local knowledge, a large national team to deliver projects, no supply chain disruptions, and provide an end to end service covering design, construction and operation,” the company added. As a PNG company committed to driving national content, PNG CR’s recent community and social responsibility projects include the installation of Sexual Violence units across NCD and, in partnership with St Johns, an ambulance facility at the PNG CR facility in Baruni that will reduce ambulance response times for patients in nearby villages such as Baruni, Lealea, Papa, Boera and Porebada to less than 15 minutes. Matt Cannon, the CEO for St John Ambulance, stated: “It’s through fantastic partnerships with companies like PNG CR, that enable us to provide essential medical services to the communities. It is great to see corporate clients giving back to the communities, even in tough economic times to those projects saving lives.” PNG CR has also supported St Johns Ambulance in its Covid-19 response activities, donating equipment and essential infrastructure along with assisting SME development in the local area through creating a transport and waste management service, and a personnel agency company. “PNG CR is your local partner in PNG, your partner for success. Please come to one of our offices or check our website for further details of how we can assist in your development project,” the company ended.
PNG Business News - July 15, 2021
Kumul Petroleum presents specialist medical equipment to Cardiac Intensive Care Unit
On 19 August 2020, Kumul Petroleum Holdings Limited (Kumul Petroleum) signed an MOA with the Ministry of Health and Port Moresby General Hospital to support the improvement of the Port Moresby General Hospital National Heart Centre. Today, nine months later, Kumul Petroleum follows through on this commitment with the presentation of the first set of specialist medical equipment to the value of K656, 505 to the Cardiac Intensive Care Unit of the Port Moresby General Hospital. Managing Director of Kumul Petroleum Wapu Sonk said the specialist equipment, purchased by the organisation with consultation by specialist doctors at Port Moresby General Hospital’s Cardiac Intensive Care Unit will support the treatment of Papua New Guinean’s who suffer from heart disease and other lifestyle diseases that result in heart attacks. According to Dr Paki Molumi, Chief Executive Officer of Port Moresby General Hospital as of beginning of 2000 the Internal Medicine hospital admission data beginning to showed significant shift from predominantly Infectious Diseases to almost equal with Life Style Disease. And these Life Style Disease includes Hypertension, Cholesterol, COPD or Chronic Obstructive Air ways Disease, Diabetics, Kidney Disease, Cancer, CVA-Stroke and Coronary Artery Disease. Hypertension will associated with high cholesterol, Diabetic and they result in either Heart Attacks (CAD), CVA-Stroke or Kidney Disease, so the patients have more than one of these disease together. “The three years hospital admission statistics is quiet obvious that though TB and HIV maybe still the leading causes of hospital admission there is truly huge surge in Life Style Disease to almost equal in hospital admission. Therefore the Port Moresby Cardiac Services both “ Non-Invasive and Invasive is a really a big need for every Papua New Guinean.” To bolster its efforts in managing the multi-million kina project with the Ministry of Health and respective specialist centres including ANGAU Cancer Services, Kumul Petroleum has established a charitable arm, the Kumul Petroleum Foundation to oversee the projects to its fulfilment. PRESS RELEASEChief Executive Officer of Kumul Petroleum Foundation William Bando who was present at the presentation acknowledged the need for specialist healthcare to receive equipment that will address the growing need for attention to cardiac intensive care. On this occasion, Kumul Petroleum acknowledged the leadership of health workers to ensure that they continue to serve the health needs of communities and said that this initiative is a part of the greater contribution by Kumul Petroleum to support the health sector combat and contain the threat of COVID-19 by ensuring that there are specialist equipment at major hospitals in the country.
PNG Business News - July 15, 2021
Expanding in PNG and Exploring Africa & Indonesia
Flat pack building specialist Ark Pacific is further expanding its business in Papua New Guinea while simultaneously exploring opportunities in both Africa and Indonesia. The company’s growth and international business development initiatives are on the back of 10+ years’ project delivery in Papua New Guinea, primarily in the resources sector. The first half of 2021 has seen Ark Pacific continue to deliver a diverse range of buildings throughout PNG for multiple resource sector clients. Ark buildings (i.e., mining camps, office facilities, ablution blocks, workshops, senior staff housing, etc.,) are being assembled at both remote inland and island resource operations. To date, there are thousands of Ark building modules – all assembled by local workforces – to be found across the country. General Manager, Cassius Ruka, who has over 10 years’ experience in PNG’s construction and mining sectors, describes Ark’s building systems as “perfectly suited” to the remote and challenging conditions of resource operations. “Mining companies prefer our buildings for several reasons” said Ruka. “They are designed and engineered to minimise freight (which in turn reduces client costs and the environmental impact of transporting them), they’re super quick and easy to install even by unskilled workforces, we use high quality steel as opposed to wood which means less maintenance and greater durability, and there are almost endless design options because the modules can be put together in a multitude of configurations.” Ark’s design team works closely with their clients. Most recently they’ve been collaborating with a major gold mining company on the design of a new minerals testing laboratory. “The client wanted us to do a few things differently and achieve even greater cost efficiencies through minimising the use of on-site concrete by utilising galvanised steel column footings instead which we manufacture ourselves and ship as part of the kit” said Ruka. “We can be very flexible with our designs and the design process and anticipate finalising the laboratory build early in 2022.” The travel restrictions and cost cuttings brought about by the COVID-19 pandemic have resulted in construction clients all over the world needing to restructure their onsite requirements to accommodate more long term staff. Ark Pacific is responding to these changes by going back to the drawing board for some of its clients. An example of which involves redesigning senior management housing layouts; transforming them into high density accommodation blocks. The popularity of Ark buildings in PNG’s resource sector inspired Ruka to look further afield to grow his business. “There are plenty of parallels between what PNG’s resource sector needs in its buildings and what’s required by resource operations in many African countries and Indonesia. In other words, our flat pack building systems which are perfect for PNG are equally suited to resource projects over there too.” Ark Pacific are looking to penetrate the African and Indonesian market via partnerships with Australia’s Mincore and Lycopodium. The companies are working together on feasibility studies on several greenfield opportunities.
PNG Business News - July 08, 2021
Exxonmobil PNG Invests K8.4M In Local Communities In 2020
Photo Credit: Post Courier In the year 2020, Exxonmobil PNG has invested a total of K8.4 million in local communities through contributions, sponsorships, in-kind assistance, and community-based initiatives. Through tax credit initiatives, an additional K57.4 million was spent on local infrastructure. Despite multiple COVID-19 challenges, EMPNG's team achieved record LNG production levels, delivering the company's best safety performance since production began while continuing to meet environmental and social commitments, according to outgoing managing director Andrew Barry's annual PNG LNG Environmental and Social report. “EMPNG has completed over 70 million hours of work since production began and had not lost time incidents for more than three years, with no significant process safety events for almost seven years. “A significant milestone was achieved on September 1 with EMPNG’s first shift fully managed and operated by qualified Papua New Guinean workers. This included the Hides Gas Conditioning Plant and Pipeline Operations Supervisors, and control room, field and pipeline technicians,” Barry said. He said the K8.4 million investment comprises the continuation of the PNG LNG Project's contract with ANU enterprise proprietary limited, which began in 2015, to enhance community livelihoods. According to the study, more than 5400 community interactions would be held in 2020, with over 2000 official and 3400 informal encounters with 36,650 stakeholders. New managing director Peter Larden remarked, “I look forward to building upon the standards Andrew Barry and EMPNG have set to further cement PNG’s reputation as a world-class LNG producer and to be able to contribute in a sustainable and meaningful way to enhancing the communities in which we operate and the nation of PNG.” Reference: Post-Courier (7 July 2021). “ExxonMobil Proud OfK8.4M Investment In Local Communities”.
PNG Business News - July 01, 2021
Weir Minerals Launches Multiflo® Mudflorm Submersible Pump for Large Particle Handling
Weir Minerals, global leader in the provision of mill circuit technology, dewatering solutions and services, has launched the new Multiflo® MudfloTM hydraulic submersible slurry pump. Engineered for abrasive applications and large particle handling, the Multiflo® MudfloTM pump features a hydraulically driven wet-end specifically designed to efficiently and safely reprocess and relocate tailings ponds, maintain water retention dams and manage slimes and sludge ponds. The innovative solution combines the Warman® MGS pump-end, Multiflo® CB32 hydraulic cutters and ESCO® excavation teeth to provide efficient pumping of highly charged and abrasive slurries. Weir Minerals' unique Ultrachrome® A05 chrome alloy impeller ensures high wear resistance and the specially engineered suction strainer minimises the risk of clogging by preventing large solids & debris from entering the pump. Drawing on decades of Warman® pump design experience, the Multiflo® Mudflo™ pump is capable of pumping between 150 and 1,200m3/h, up to 82m head. The Multiflo® CB32 hydraulic cutters feature market-leading ESCO® Ultralok® tooth system to prevent premature breakage, avoid tooth loss and protect the integral locking system to ensure the continuous operation of the pump. Engineered by the Weir Minerals dewatering pump experts in Australia, it is available for global customers from July 2021. “The Multiflo brand is synonymous with high quality and long-lasting equipment. In designing the Mudflo pump, our dewatering experts drew from the very best Multiflo, Warman and ESCO technology and used advanced hydraulics to create an innovative and cost-effective new solution for mine dredging applications,” Cameron Murphy, Director of Dewatering Weir Minerals APAC said. Weir Minerals understands that success is built from enduring partnerships based on close collaboration and a mutual commitment to safety and technical excellence. “It is not uncommon for sites to use a combination of pumps, shovels, excavators and trucks for dredging applications. When one of our long-time partners in Indonesia contacted us about developing a custom solution for the slurry build-up in their sumps, we knew we could provide a better solution,” Geoff Way, Weir Minerals Dewatering Specialist said. “We’re problem solvers. We considered our customer’s pain points and engineered a new solution to efficiently and safely manage their site processes,” he said. The Multiflo® MudfloTM pump can also be retrofitted to competitor OEM equipment; the quick-hitch plate attachment ensures convenient installation and removal from hydraulic excavators. The Multiflo® Mudflo™ pump can be assembled on land, eliminating the safety risks associated with assembling pumps over water. Furthermore, the new hydraulic hose management system reduces the risk of hose entanglement and trip hazards, all the while providing a reliable hose bend radius to ensure smooth oil flow. The Multiflo® MudfloTM pump will be available globally from July 2021. Discover more at https://info.global.weir/mudflo
PNG Business News - June 15, 2021
PNG Vanilla Company Partners Expo2020 Team
Dr. Nancy Irwin (left) with the Deputy Commissioner General for Expo2020 and Head of the PNG Expo2020 Secretariat, Mrs. Jacinta Warakai-Manua began the partnership to tell the PNG Vanilla story in Dubai, by exchanging ideas in Port Moresby last week. A vanilla production and export company is partnering with the PNG Expo2020 Team to promote their products in the Dubai World Exposition that starts in October this year. KAMAPIM, a company working with landowners in the Madang and Morobe Provinces produces top quality vanilla beans and is already exporting to the EU market. The Managing Director of the company Dr. Nancy Irwin, met with the PNG Commissioner General to Expo2020 Ambassador Joshua Kalinoe and his Deputy Mrs. Jacinta Warakai-Manua in Port Moresby last week to firm up the arrangements. Dr. Irwin said Kamapim (pidgin for develop and to improve) concentrates its efforts in producing the best quality bean for the international market through quality assurance production methods. “PNG farmers can grow anything, they have instinctive ability to grow well any crops. When I first started the project, the quality of the beans were poor, full of fungus due to lack of processing knowledge. We saw huge potential of the organically grown beans and started working with landowners through a cooperative production and marketing structure to improve quality” “The company provide extension services to farmers and buy the beans directly, ensuring farmers are paid a fair price for their efforts”, she said. Dr Irwin said the beans are tested internationally and are consistently classed as the top-quality A grade level. “While PNG has a good perception of growing environment friendly organic vanilla beans, the challenge is for the relevant Government authorities to work with farmers to improve quality. I believe the cooperative production methods applied by our company, Kamapim, could be used nationally as one of the models to improve quality for the export market as well as to maximize revenue gain for farmers”, Dr. Irwin said. She said the company is looking forward to partnering with the PNG Expo2020 Team to tell the PNG story and to connect with niche importers in Dubai and the Arab world in general. Dr. Irwin said the company would promote its products in specially branded PNG Expo2020 containers to create visibility for the country as well as to preserve quality at the company’s cost.