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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

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

Study forecasts a boost in Asia Pacific oil and gas investments

CONFIDENCE in the outlook for Asia Pacific’s oil and gas industry has more than doubled in the past two years, according to new research published by DNV GL. The study found that 76% of senior oil and gas professionals in Asia Pacific are optimistic about the industry’s growth in 2019, compared with 58% in 2018 and 30% in 2017. The proportion of industry leaders who are confident in their own

Nautilus receives additional loan under secured loan facility

SUBSEA mining proponent Nautilus Minerals Inc. has announced that the company has received a loan from Deep Sea Mining Finance Ltd for US$500,000 under a previously announced loan agreement. Pursuant to the Loan Agreement, provides for a secured structured credit facility of up to US$34 million, Nautilus has issued to the Lender an additional 2,147,766 warrants of the company in connection with the US$500,000 loan. To date Nautilus has issued

K92 Mining receives positive news for US$13.6 million Kainantu expansion

CANADIAN miner K92 Mining Inc. has received  positive results of the Preliminary Economic Assessment (PEA) update for a proposed US$13.6 million expansion of the Kanaintu gold mine in PNG. The PEA found that mining production and plant processing capacity could be increased to 400,000 tonnes per annum over a period of approximately 12 months; The expanded plant would treat 4.9 million tonnes averaging 9.0 g/t Au. 20 g/t Ag and