Search Results: 2022

Photo credit: Total (2019) By 2027, the first gas from the Papua LNG Project is planned to be sold. As a result, the government will receive an additional 7% free carry in equity from the project. The pre-FEED phase of the Total E&P (PNG) Limited-led joint venture project in Caution Bay will be completed by the end of this year, followed by F...

Kumul Petroleum Holdings Limited (KPHL) has secured a contract for an additional 7 per cent free carried equity in a historic deal with TOTAL SE. Papua New Guinea's national oil and gas corporation, reported an increase in its aggregate equity in potential joint exploration ventures with Total SE following talks in Paris last week to remobilize the Pap...

Deputy Prime Minister Sam Basil met with Total Chairman and CEO Patrick Pouyanné and discussed the Papua LNG project timetable as well as a potential investment in new petroleum prospecting licenses in Papua New Guinea. In a statement, Basil said, “Mr Pouyanné expressed his appreciation for the ongoing efforts by the Marape-Basil Government and confirm...

The Southern Highlands Province's Mendi Airport Redevelopment scheme has been placed on hold. The redevelopment of the airport, which was scheduled to be completed in October this year, has been placed on hold, according to NAC acting managing director Rex Kiponge, due to the contractor not having the right materials for the runway and a disagreement a...

After a one-year delay due to COVID-19, Total aims to make a final investment decision on the proposed two-train 5.6 million mt/year volume Papua LNG project in Papua New Guinea in 2023. Papua LNG, which will use gas from the Elk and Antelope gas fields, will begin front-end engineering and design (FEED) in early 2022, according to Total. "I confirm...

According to a new report published by the Asian Development Bank (ADB), the Pacific will return to positive growth in 2021. However, the region's outlook is still fraught with dangers, and there is substantial variation among the 14 Pacific developing member countries (DMCs). According to the Asian Development Outlook (ADO) 2021, the ADB's flagship ec...

According to the Asian Development Bank's 2021 forecast, the extractive and agricultural industries are projected to expand in 2021. Mine and quarry production could rise in 2021 and 2022, according to the ADB's recently issued forecast for 2021, as favourable international metal prices spur production. The Lihir and Ok Tedi mines, both multibillion...

Treasurer Ian Ling Stuckey told Parliament that K5.7 billion was spent as part of an economic recovery plan on "the economic battle." He explained that the money was not solely spending on COVID-19 and that the government had invested K2.5 billion in COVID-19 bonds and K1.5 billion in friendly international assistance. Mr Ling-Stuckey said K600 mill...

According to project operator Twinza Oil Ltd, the government has raised its demand for the Pasca A Gas agreement once again, ahead of the scheduled signing. According to a statement from Twinza, the government told the firm last Friday that signing the agreement now demanded a 6% production levy. It read: “This is 4 per cent higher than the producti...

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. ...

Information and Communications Technology (ICT) Minister Timothy Masiu said a third network service run by Digitec Communications Ltd will begin before the end of the year. Masiu made the remarks during a recent visit to Digitec's headquarters in Waigani, Port Moresby. The building of over 1,100 towers is expected to be completed, according to Digit...

Following a meeting of the Milne Bay Steering Committee, the Centre for Excellence in Financial Inclusion (CEFI) and the Milne Bay Provincial Administration (MBPA) have partnered to work on the agenda of financial inclusion in the province.Among the key activities for this financial inclusion include training of trainers for financial literacy training, b...

With gold, copper and liquefied natural gas (LNG) expected to be strong, the economy could rebound this year.According to K92 Mining Inc chief executive officer John Lewins, this would be achievable if the impact of the COVID crisis is managed and that 2021 would still be a challenging year for many. He said that in early January, the cost of gold rallie...

Before Twinza Oil Limited moves forward with the Front End Engineering and Design (FEED) stage, the firm is awaiting the formal approval of the Pasca A Gas Project Agreement by the National Executive Council.The agreement was finalised last year and now awaits presentation by the Petroleum Minister, Kerenga Kua to the National Executive Council. Once ap...

In collaborating on a National Financial Education Curriculum for preparatory level up to Grade 12, the Bank of Papua New Guinea has signed a Memorandum of Understanding with the Centre for Excellence in Financial Inclusion (CEFI) and the Department of Education. Loi M. Bakani, CMG, the bank’s governor, signed the agreement with Dr. U Uke Kombra, the Depa...

Through a share placement, Gold developer Geopacific Resources has raised A$140 million to invest for the development of the Woodlark gold project in Papua New Guinea. The placement will be finished in two tranches. The first tranche consists of 43.7-million shares with a cost of 42c each for an initial A$18.4-million under the existing placement company ...

An economist said that in light of the pandemic, the economy will come off as weak next year. According to Westpac senior economist Justin Smirk, “We expect that there will be weak economic growth in 2021 following the after-shock and recovery of the Covid-19 on businesses and the economy with mining output also expected to be low. The medium-term recover...

The budget for 2021 is critical after an economic downturn this year, said Kina Bank.In a budget review, the bank said that next year’s budget showed a shift in focus towards the non-resource sector - with the goal of establishing a foundation for tangible economic growth outside the resource sector. It added that fiscal consolidation was part of its over...