Search Results: 2022

According to Twinza chairman Stephen Quantrill, the Pasca A oil and gas project in the Gulf is estimated to bring in about K8.6 billion in direct revenue to the government throughout the project's lifetime. A total of K500 million in tax and royalties is projected to be paid in a year, according to Quantrill, who spoke at the 2021 Mining and Petroleum ...

These recently graduated ‘Officers of the Watch’ represent 10 of the 26 young PNG women having their careers fast tracked by Pacific Towing and the Women in Maritime program. Ten young PNG women graduated as ‘Officers of the Watch’ last week.  The women, who were all cadets at Pacific Towing (PacTow), represented the first intake of scholarship awardee...

Over the next few years, OK Tedi Mining Limited expects to witness a gradual growth in dividends of up to K1 billion each year. Musje Werror, managing director and chief executive officer, spoke at the PNG Mining and Petroleum Conference and Exhibition in 2021. Mr Werror stated that OTML's 2021 Strategic Business Plan affirmed a US$475 million incre...

Papua New Guinea, according to James Marape, has never been an "uncertain area to invest." In Port Moresby, he said this while speaking digitally at the 2021 PNG Mining and Petroleum Conference & Exhibition in Brisbane. “We are an oil, gas and mining nation,” the Prime Minister said. “This is evident in the fact that quite a substantial part ...

According to James Marape, the 2022 Budget puts a greater emphasis on the health sector than ever before. He mentioned this during the opening of the K500 million, 300-bed Central Provincial Hospital for Central and Papua New Guineans in Bautama, Central. Roads, housing, power, and other infrastructure in the new Central City at Bautama, which is ad...

Photo credit: PM James Marape News Page - National Planning and Monitoring Minister Hon. Rainbo Paita in traditional dress during Budget debate. The K22 billion 2022 Budget, which was passed without opposition by Parliament recently, has been dubbed a "milestone budget" by James Marape. “This is a milestone budget because it is the first budget-prop...

Photo credit: PM James Marape News Page - Treasurer Ling-Stuckey tabling the 2022 Budget Prime Minister Hon. James Marape has welcomed the tabling of the record K22.175 billion 2022 Budget by Treasurer Ian Ling-Stuckey in Parliament. He said it would help Papua New Guinea on the path to economic recovery as well as support successful delivery of the...

Photo credit: PM Marape News Page - Works Minister Hon. Michael Nali introducing the Bill in Parliament. PRIME Minister Hon. James Marape has today welcomed the passage of the Connect PNG (Funding and Implementation Arrangements) Bill 2021. The Bill, passed with a vote of 78-5 by a largely unanimous House, will see to the actioning of the Marape Gov...

Photo credit: PNGX The chairman of the PNG Stock Exchange (PNGX), David Lawrence, stated that total transaction figures on the PNGX decreased last year. The 12 listed firms had a combined market capitalization of K91.89 billion. PNG Air Ltd, he added, was still suspended for failing to present audited financial statements. Niuminco, a mining e...

Twinza Oil Limited’s Pasca A Gas Agreement is yet to be finalized as per their media release last August. Honorable Keregna Kua, Minister for Petroleum, announced in Parliament a seven-day period for the State Negotiating Team (SNT) and Twinza Oil Limited to meet to finalise drafting of the Pasca A Gas Agreement. Unfortunately, the deadline expired on the...

Photo credit: Geopacific Resources The developer stated that work on the Woodlark Gold Project is now delayed and behind schedule. In an update, Geopacific Resources Limited reported that the company has decided to postpone the project until Q1/Q2 2022. The impact of unseasonal inclement weather, according to the firm, has resulted in a short-ter...

Photo credit: Loop PNG PNG Power is riddled with so much accumulative problems that have made it a “sick organisation”, but reforms are currently underway, Prime Minister Hon. James Marape says. These include the installation of its full board, and a restructure of the company to separate power generation, transmission, and retail business. In ad...

Photo credit: PM James Marape News Page - PNG Tourism Promotion Authority CEO Eric Mossman Uvovo, Tourism Minister Hon. Isi Henry Leonard, TPA Chairman Hon. Kennedy Wenge and PM Marape with children representing the four regions of the country at launching of the PNG Tourism Sector Development Plan 2022-2026 in Port Moresby. Prime Minister James Marape...

Recently in Port Moresby, the Department of Information and Communication Technology wrapped up a three-day National ICT Summit on a high note. The summit, according to DICT Secretary Steven Matainaho, was successful in gathering much-needed data that would educate and confirm existing government thinking and drive the formulation of suitable policies ...

Photo credit: K92 Mining Inc.  K92 Mining Inc. is pleased to announce financial results for the three and nine months ended September 30, 2021. John Lewins, K92 Chief Executive Officer and Director, stated, “Despite 2021 being one of the most challenging years our Company has faced due to the impact of the COVID-19 pandemic, it has also featured num...

Photo credit: BSP Despite continuing to face reduced economic activity, BSP Financial Group Ltd has issued its unaudited September 2021 results, with a Net Profit After Tax of K698 million. COVID-19 continues to have an impact on enterprises in all nations, although tourism-dependent countries have been hit more than others due to limited or non-exi...

Peter Fredricson, Acting CEO, said “Oil Search delivered another strong quarter of production, which was up 5% on the previous quarter, demonstrating the resilience of our operations and sustained commitment to the safety of our people and maintaining safe and reliable production. Operating revenues were up 12%, supported by strong growth in oil prices.” ...

Photo credit: Adyton Resources Corporation Adyton Resources Corporation has reported an 88% increase in total gold ounces across the company’s 100% owned Fergusson Island Gold Project and Feni Gold and Copper Project, located within Papua New Guinea’s renowned “Rim of Fire”. Fergusson Island maiden Indicated Resource of 175,000 gold ounces at 1.33 g...