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Posts From PNG Resources

Papua LNG signing a major breakthrough for PNG resources sector

Oil Search managing director Peter Botten hailed the reaching of the Papua LNG fiscal agreement as another big moment for PNG. The major breakthrough came when French energy giant Total, operator of the Papua LNG Project, ExxonMobil and Oil Search signed a Gas Agreement with the PNG Government, defining the fiscal framework for the Papua LNG Project. “This is a major milestone for the Papua LNG Project. We believe the

Kingston Resources increasing interest in Misima Gold Project

Kingston Resources Limited has reported that it now holds approximately 75% of the historic Misima Gold Mine in Milne Bay Province. The company said that following the August 2018 completion of its earn-in to 70% of the project, Kingston has funded 100% of the exploration activity at Misima. Under the terms of the JV agreement, this will see Kingston’s interest in the project increase further to what it now estimates

PNG LNG signs mid-term sales agreement with Singapore’s Unipec

PNG’S leading petroleum company Oil Search Ltd reports that the PNG LNG Project co-venturers have entered into a mid-term LNG sale and purchase agreement (SPA) with Unipec Singapore Pte Ltd. The deal is for the supply of approximately 0.45 million tonnes per annum (MTPA) of LNG over a four-year period commencing in April 2019, taking the total contracted volumes from the Project to approximately 7.9 MTPA. “The SPA with Unipec,

Oil Search says PNG could double its LNG production in near future

PNG is on the threshold of substantial new investment that could double its LNG production in the coming years, according to the country’s leading petroleum company. Oil Search managing director, Peter Botten, made this forecast whilst advocating major new infrastructure must be developed in a responsible and sustainable way. Speaking at the PNG Petroleum and Energy Summit in Port Moresby, Mr Botten said the global LNG market is highly competitive

K92 gives green light for Kainantu expansion

ANOTHER important milestone in PNG’s colourful mining history has been achieved with Canada’s K92 Mining Inc. giving the go-ahead to significantly expand production at the historic Kainantu gold mine. The expansion will double current capacity at Kainantu to 400,000 tonnes per annum, increasing annual production to an average of 120,000 ounces of gold equivalent. Based on a recently completed preliminary economic assessment (PEA) for Kainantu, the major outcomes resulting from the

Industry welcomes plans for National Petroleum Authority

The PNG Chamber of Mines and Petroleum has welcomed the announcement by the Petroleum Minister, Dr Fabian Pok, that he will table a Bill on the proposed National Petroleum Authority (NPA) in Parliament this year. The Chamber President, Mr Gerea Aopi CBE, said it has been many years since the PNG Government agreed to establish a National Petroleum Authority and it was commendable that Dr Pok has undertaken to finalise

New Barrick president confirms continuing commitments on Porgera

ON his first visit to Papua New Guinea as the new president and CEO of Barrick Gold Corporation, Mark Bristow, said the global mining group is committed to strengthening the Company’s partnership with the government and local communities, which has enabled the Porgera gold mine to deliver substantial benefits to PNG for almost 30 years. During his four-day visit, Bristow met with Deputy Prime Minister Charles Abel and representatives of

Chamber says uncertainty over mining leases could threaten economic growth in PNG

THE  PNG Chamber of Mines and Petroleum claims that the continued success of existing projects and the development of new ones is critical to the future of Papua New Guinea. And that any significant delay in the renewal and extension of mining licences for the country’s biggest producing mines would have a detrimental effect on the nation’s economy. Chamber president Gerea Aopi CBE commented following reports that projects such as

Searcher completes Airborne Geophysical Survey in Papua New Guinea

SEARCHER Seismic has announced the completion of the regional multi-client airborne gravity, gravity-gradiometry and magnetics survey covering the transition zone of the Gulf of Papua. The Roho Airborne Gravity, Gravity-Gradiometry and Magnetic Survey covers approximately 60,700 square kilometres (~52,700line km) along the southern coast of PNG. The survey compliments several marine seismic and geochemical projects recently completed by Searcher aimed at assessing the hydrocarbon potential of the Gulf of Papua

Chamber says PNG employment and rebound in growth thanks to mining & petroleum

The PNG Chamber of Mines and Petroleum has welcomed a report by the World Bank that has forecasted that new large-scale resource projects could boost Papua New Guinea’s real Gross Domestic Product (GDP) to five percent this year. The World Bank recently released its February 2019 edition of the PNG Economic Update which outlined PNG’s economic situation and medium-term development prospects. The report stated that the country’s medium-term economic outlook