Latest News

Major milestone for PNG domestic power with launch of Niupower Gas Plant

PNG Prime Minister James Marape and a string of high-powered PNG dignitaries were on hand to cut the ribbon to mark the launch of the NiuPower Gas Plant near Port Moresby. The PM was joined by Oil Search managing director, Peter Botten and Kumul Petroleum Holdings managing director, Wapu Sonk for the ribbon cutting ceremony. NiuPower is a joint venture by Oil Search Limited and Kumul Petroleum Holdings. NiuPower is [...]

PM welcomes Japanese investment in PNG petroleum sector

PNG Prime Minister James Marape says Papua New Guinea welcomes any investments in the petroleum sector during a meeting with representatives of Japanese investor, LNG Japan Corporation, in Port Moresby. LNG Japan is studying feasibility of potential LNG-to-power projects in PNG, leveraging its long experiences in the LNG industry, including a small-scale domestic LNG sea transportation project in Indonesia. It is also looking at producing methanol as a raw material [...]

PNG Stock Exchange enters MoU with SPX on market development

PNGX Markets Limited (PNGX), Papua New Guinea’s national stock exchange and the South Pacific Stock Exchange (SPX) have signed a Memorandum of Understanding (MoU) to co-operate on the development of their capital markets. The milestone signing of the MoU was undertaken in a ceremony in Suva by PNGX chairperson, David Lawrence and SPX chairperson, Dr Nur Bano Ali. Mr Lawrence said the opportunities for harmonisation presented by PNGX and SPX [...]

Frontier plans fieldwork over three gold prospects at Tolukuma

FRONTIER Resources Limited has announced an aggressive upcoming fieldwork on the historic Tolukuma tenement. The conpany’s plans include geological mapping, soil rock and trench sampling to determine the extents of near mine prospects at the Saki, Kimono North and Kunda North gold vein systems. First gold was originally poured at Tolukuma in December 1995 by Dome Resources. Durban Roodepoort Deep Ltd (DP), subsequent owners and operators of Tolukuma Gold mines [...]

ADB invests US$10 Million in Kina Securities

THE Asian Development Bank (ADB) has made a US$10 million equity investment into Kina Securities Limited (KSL), a fast-growing financial services company in Papua New Guinea. The investment will help to increase the availability of sustainable financial services and support inclusive growth in the Pacific island country. KSL is one of four banks operating in PNG, where an estimated 70% of the population does not have a formal bank account. [...]

Chamber welcomes positive Government commitment on resource laws

THE PNG Chamber of Mines and Petroleum has welcomed the Government’s announcement to consult the industry on the review of major resource laws of Papua New Guinea. The Chamber responded to the positive news at the conclusion of the three-day PNG Mining and Petroleum Conference in Port Moresby following Prime Minister James Marape’s keynote address on Tuesday that his Government will consult the industry on the review of key legislations [...]

Rabaul tour operators pitch ideas to cruise passengers

CRUISE passengers docked in Rabaul, East New Britain Province, have been interviewed about potential tours and excursions as part of efforts to strengthen local tourism. Supported by the Australian Government in partnership with Carnival Australia and The Difference Incubator, YuMi Tourism Partners is an initiative being rolled out across the South Pacific region to assist tourism entrepreneurs build their business models to fit the needs of customers. Michael Mihajlov from [...]

PNG LNG supports Society of Petroleum Engineers 2020 President’s visit to PNG

EXXONMOBIL PNG Limited, the operator of PNG’s first liquefied natural gas project, PNG LNG, has sponsore a networking event and executive dinner held at the Port Moresby Hilton Hotel to welcome Shauna Noonan, 2020 President of the Society of Petroleum Engineers (SPE). President Noonan recently visited Papua New Guinea in her capacity as 2020 President elect of the SPE to meet with local engineers and industry leaders as part of a [...]

Barrick welcomes PNG Government pledge to enforce law and order in Porgera region

BARRICK (Niugini) Limited (“BNL”) has welcomed the Papua New Guinea Government’s commitment to finding a long-term solution for the law-and-order problems that have for decades plagued the Porgera region of Enga Province, home to its Porgera gold mine. The Company noted that, following a two-day visit to the region to meet the community and assess the situation first-hand, police minister Bryan Kramer had pledged to sponsor government measures to strengthen [...]

99% of participants sign on Lihir Compensation and Relocation Agreement

MINERAL Resources Authority (MRA) managing director, Jerry Garry, has congratulated stakeholders of the Lihir Mine Compensation and Relocation Agreement (CRA) negotiations, for successfully completing 99% of the CRA process with Newcrest Lihir Gold Mining Limited (LGL). Mr Garry was on Lihir on a mine site visit and to meet LGL executives when he spoke to the stakeholders. The MD particularly thanked LGL for being a responsible corporate citizen of Papua [...]