Photo Credit: Loop PNG Anthony Smare has been named the new president of the PNG Chamber of Mines and Petroleum. Anthony Smare is a trained geologist and a seasoned natural resources lawyer and executive who offers a lot of expertise to the job, having previously served on the council of the PNG Chamber of Mines and Petroleum and in an advisory capa...

Photo Credit: Shuttershock According to William Duma, Minister of Public Enterprises and State Investment, Papua New Guinea is under-explored in terms of geothermal energy development. Duma was speaking at the signing of a geothermal deed of agreement between the state and Fortescue Future Industries (FFI), an Australian company. “Comparatively, ...

Photo Credit: Petroleum Exploration Society of Australia A non-disclosure agreement between Twinza Oil and the state will be signed soon to keep information about the Pasca A project private until a final decision is reached. Following a recent public announcement by Twinza stating that the state has not honoured its pledge for the offshore gas proj...

The K5.7 billion economic recovery and health fund, according to Treasurer Ian Ling-Stuckey, was utilized to preserve the budget and the economy, with the overarching goal of protecting the people. He mentioned this in the Parliament chamber while debating the new normal perspex solution layout, a measure to limit the development of the Covid-19 epidem...

According to the Port Moresby Chamber of Commerce and Industry, disruptions in water and electricity delivery cost firms a substantial amount of money, particularly in the industrial sector. Because to the continuous power and water supply issues in Port Moresby, Chamber president Rio Fiocco stated that operating expenses were rising, particularly for ...

The US$12 billion (K41.28 billion) Papua LNG project is on track, according to Petroleum Minister Kerenga Kua. Pre-feed (front end engineering design) work has already begun, Kua informed Parliament. The real feed will begin at the end of this year and last until 2022. In 2023, there will be a Fid (final investment decision) and a building phase....

The Tolukuma Gold Mine in the Central Province has a new interested applicant: Lole Mining Limited, a local mining firm. This came after a previous agreement with Tolukuma Corporation Limited fell through owing to COVID-19. Tolukuma Corporation Limited had previously agreed that the investor will spend K50 million on mine rehabilitation and environm...

Photo Credit: Oil Search Businesses are waiting for clear answers from the government on when resource projects like Papua LNG and the Pasca A offshore oil and gas project will be operational. According to Rio Fiocco, head of the Port Moresby Chamber of Commerce and Industry, there had been rumors of agreements being signed or close to being complet...

Bougainville has the potential to become a strong local economy that is recognized nationally and internationally.  ABG Minister for Commerce, Trade and Industry Hon. Patrick Nisira said this when speaking on Trade and Investment in Bougainville during the parliament session this week in Buka. Minister Nisira had recently announced that ‘Bougainvill...

The Government of Papua New Guinea has signed a landmark agreement with one of the world's biggest companies to venture into 'green energy' in a partnership that is likely to revolutionise power generation and supply in the near future. In another bold move to "Take Back PNG", the Government today signed the 'Deed of Agreement' with Australian company ...

Anti-corruption efforts in Papua New Guinea have received a big boost from the European Union, which will invest €5.4 million (about K21.7 million) over three years. Dirk Wagener, a national representative for the United Nations Growth Programme (UNDP), said during the inauguration of an anti-corruption program in Port Moresby that corruption has hampe...

The certification of 24 clans from the Special Mining Lease (SML) regions in Porgera was just completed, according to Mining Minister Johnson Tuke. Tuke stated that all arrangements had come to an end. Barrick Niugini Ltd (BNLinitial )'s lease ended on August 16, 2019. Tuke emphasized the importance of the validation effort in reconfirming the se...

Photo Credit: Post Courier / Department Secretary David Manau According to a department official, the petroleum and energy department is getting several requests from holders of petroleum prospecting licenses (PPLs) to prolong the term of their licenses. It suggested, according to Department Secretary David Manau, that it was difficult for the enter...

Treasurer Ian Ling-Stuckey applauded the International Monetary Fund's declaration that it will expand aid options for nations affected by the COVID-19 epidemic. These new alternatives will offer nations with money in the Special Drawing Rights, or SDRs, of the International Monetary Fund. The IMF has also stated that it is considering adding to its...

To increase tourism, the PNG Tourism Promotion Authority requires additional government funding. PNG TPA Chief Executive Officer Eric Uvovo stated the government's support for tourism in PNG is a drop in the ocean, and TPA wants the government to recognize that tourism is a very vital and major sector that requires its assistance, as well as greater in...

The Mineral Resource Authority (MRA) is looking for new capital investments of K45 billion for new projects. In his presentation at the PNG Chamber of Mines and Petroleum media and community affairs workshop, MRA managing director Jerry Garry stated that the mining industry alone had generated K17 billion in export income in 2019. “This is the highe...

The PNG Forest Authority (PNGFA) has announced plans to move the industry ahead and has asked the government for greater funds to put them into action. They include the following: NATIONAL strategies for downstream processing of forest produce 2020-2024; PNGFA corporate plan for 2021-2030; SITUATION of the forestry sector; NATIONAL strategi...

According to Lucas Alkan, the chairman of the PNG Extractive Industries Transparency Initiative (PNGEITI) national secretariat, the new report is more thorough than previous ones. It mirrored data gaps and suggestions in earlier studies, according to Alkan, in order to enhance openness and accountability in the mining and petroleum industries. The r...

Ben Wong has been named temporary chief executive officer of Paradise Foods Ltd for a three-month period. Wong had had senior leadership positions in international corporations and the fast-moving consumer goods industry before joining the company as the group chief financial officer in September 2019, according to Chairman Anthony Smaré. James Rice...

The PNG Extractive Industries Transparency Initiative (PNGEITI) will extend to include three additional non-renewable industries, according to Chris Tabel, deputy head of the national secretariat. The forestry, agricultural, and fisheries industries, according to Tabel, sought to imitate the EITI model. He said that the EITI policy, which is present...

More than K1 million has returned to East New Britain following the province's sixth shipment of edible white copra at the end of last month. Kevin Kasap, the NGI Supply Co-ordinator for Coconut Resource Limited (CRL), has confirmed this. He said the province has sent its sixth shipment to Dubai, consisting of 10 containers weighing 108 metric tonne...

Photo Credit: PNGEITI / Lucas Alkan Among the 35 nations on the Extractive Industries Transparency Initiative list, the Papua New Guinea Extractive Industries Transparency Initiative has made significant progress. The EITI website listed 55 countries incorporated into individual countries at various stages of implementing the EITI Standard; nine cou...

PNG Ports Corporation is redeveloping and investing in its ports in the future as part of its 30-year master plan. Rodney Begley, the chief operating officer of the PNG Ports Corporation, said the company completed a 30-year master plan 18 months ago that included evaluations of every port in the country. “We did an economical assessment, environmen...

The Independent Consumer and Competition Commission (ICCC) has rejected Link PNG's proposal to purchase shares in PNG Air Ltd for the second time. PNG Air Ltd had asked Link PNG Ltd to buy 40% of the company from the National Superannuation Fund and 9% from other shareholders. Last week, the consumer and competition watchdog said that after completi...