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 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

PNG mining and petroleum conference attracts unprecedented international attendance

THE recently staged 15th Papua New Guinea Mining and Petroleum Investment Conference in Sydney attracted unprecedented international interest as the country is on the cusp of its biggest ever investment surge in new mining and petroleum projects, according to the PNG Chamber of Mines and Petroleum. The Chamber’s Executive Director, Dr Albert Mellam, said in a statement today that the conference organised by the Chamber attracted delegates from 20 countries

PNG Government signs Wafi-Golpu MoU

THE development of the world class Wafi-Golpu copper-gold project in Morobe has taken a major step forward with the signing of a Memorandum of Understanding (MOU) between the Wafi-Golpu Joint Venture (WGJV) and the PNG Government. Leading international miner Newcrest Mining and its WGJV partner Harmony Gold said the MOU is an affirmation of the parties’ intent to proceed with the Wafi-Golpu Project, subject to finalisation of the permitting process

Chamber says major new resource projects set to make a key contribution to revenue in 2019

THE PNG Chamber of Mines and Petroleum has welcomed the 2019 Budget which has passed in the National Parliament of Papua New Guinea. Deputy Prime Minister and Treasurer Hon. Charles Abel last week presented his 2019 Budget, outlining the framework and agenda for the government’s financial priorities over the next year. The Chamber congratulated the government and Treasurer’s commitment to fiscal stability and its focus on ensuring global competitiveness and

Consortium of governments back electrification of PNG

PAPUA New Guinea has invited Australia, Japan, New Zealand and the United States to work together to support its enhanced connectivity and the goal of connecting 70% of its population to electricity by 2030. Currently only about 13% of Papua New Guinea’s population have reliable access to electricity. Access to electricity is key to Papua New Guinea’s economic growth. Electricity lifts the living standards of communities in cities, towns and

Papua LNG JV signs agreement with PNG Government

IN a major milestone in the further development of Papua New Guinea’s LNG industry, the Total-led Papua LNG consortium has signed a Memorandum of Understanding (MOU) with the PNG Government. The Papua LNG JV is proposing to develop the massive Elk-Antelope gas discoveries to provide the base for a major expansion of PNG’s already highly successful PNG industry. Papua New Guinea’s own gas powerhouse, Oil Search Ltd (a member of

Leading oil and gas companies launch legal action against PNG Government

A CONSORTIUM of international oil and gas companies has launched legal proceedings against the PNG Government over the proposed cancellation of one of the country’s most high-profile petroleum licences. Discussions between PNG Petroleum Minister Dr Fabian Pok and members of the PDL-10 licensees including global Spanish energy company Repsol (Operator), PNG national oil company, Kumul Petroleum, Horizon Oil and Osaka Gas, have fallen through with regard to the Minister’s notices

Chamber welcomes APEC leaders to Papua New Guinea

THE PNG Chamber of Mines and Petroleum has warmly welcomed world leaders and global CEOs to the Asia-Pacific Economic Cooperation (APEC) meetings which are underway in Port Moresby this week. The APEC programme includes the APEC CEO Summit, which runs from 15-17 November. With the theme “Charting a Common Future”, the program for the summit features a number of keynote speakers from leading resources industry companies operating in Papua New

PNG DPM satisfied with success of sovereign bond roadshow

PNG’s Deputy PM and Treasurer, Charles Abel, says the countries international roadshow to market its inaugural sovereign bond was a success. The DPM and delegation covered Singapore, Hong Kong, London, New York, Boston and Los Angeles in 10 days. In a packed schedule arranged by global lead coordinator Credit Suisse and joint bookrunners Citibank the delegation presented to around 100 global banks and fund managers at 7 meetings per city.