Importing vanilla from a co-operative of growers in Papua New Guinea has provided a boost for New Zealand company Equagold, quite apart from the "feel-good factor". Equagold directors Ross and Dianne Appleton supply spices and vanilla to shops in New Zealand and Australia. The company has been operating for nine years and Ross Appleton said the vanilla market had previously been notable for the number of middlemen involved between the growers and buyers. So it was a no-brainer when the Torricelli Growers Co-operative, of the Sundaun province of Papua New Guinea, invited Equagold to become involved with its scheme. The system runs a bit like Fonterra. Vanilla farmers receive the going rate for their produce and a share of the profits. "They approached us to get assistance," Appleton said. "We were able to sit down and talk about quality control and traceability to the growers and helped with ways they could package the product. From there, we went into a formal agreement to be the main distributor in Australasia." A total of 500 growers are involved. Under the scheme, they earn about $5000 a year. Shares in New Britain Palm Oil plunged to amongst their lowest levels in two years after the impact of heavy rains – averaging more than 0.5 inches per day – slashed earnings by 61%.
The palm oil and sugar producer, which pulled forward its results release from next week because of their shortfall below expected levels, said that rainfall at its main Papua New Guinea production area in the first six months of 2012 soared 48% to 259cm (101 inches). AAP Australia's third-largest pure oil and gas producer Oil Search says its $2 billion expansion plans in Papua New Guinea (PNG) are on track following a year marked by political instability. Oil Search maintained its full year production target but it was not enough to prevent the company's shares finishing slightly lower on Tuesday. Managing director Peter Botten said production was going well, despite the shutdown of a loading facility in Papua New Guinea (PNG). Photo courtesy of proactive invester New Guinea Energy (ASX: NGE) would be encouraged by the results of 2D seismic carried out to de risk two of its 100% owned onshore oil and gas exploration licences in Papua New Guinea. The surveys had focused on the Jerai North structure in PPL 265 and a lead near the north-eastern shores of Lake Murray straddling the border of PPL 266 and PPL 268. Analysis of the seismic data suggested that Jerai North, located about 20 kilometres from the southern coast of Papua New Guinea and adjacent to the deepest part of the Morehead Graben where hydrocarbons would be most likely to occur, covers an area of about 21 square kilometres. The prospect was identified by aerogravity and magnetic surveys in 2009 in an area which is believed to host oil plays. OIL Search said that first-half net profit slipped 6.2 per cent after it booked higher exploration expenses attempting to find more natural gas to support an expansion of a $US15.7 billion Papua New Guinea gas-export project.
Net profit for the six months to June 30 fell to $US107.5 million from $US114.5 million a year earlier, broadly in line with the $US106.7 million average of five analysts' forecasts compiled by Dow Jones Newswires. Oil Search is a major shareholder in the Exxon Mobil-operated Papua New Guinea liquefied natural gas project, which is scheduled to ship its first cargo of liquefied natural gas in 2014. Oil Search had recent drilling success with the P'nyang South well, which could support an expansion of the project to three LNG processing units from the currently planned two at a later date. Drilling of the Trapia-1 well is progressing, as is fresh drilling at the Hides prospect. The company is also attempting to find a partner for other assets located in the Gulf of Papua. Oil Search said it has received "a range of competitive offers" after closing a data room for the assets, and that talks with potential partners are at an advanced stage. The company stuck to its annual output guidance of 6.2 million-6.7 million barrels of oil equivalent, despite the temporary shutdown of operations at a key oil terminal in Papua New Guinea following a suspected oil leak. It declared an interim dividend of 2 US cents per share, unchanged from a year earlier. Source : The Guardian Asian Times Online:
By Catherine Wilson PORT MORESBY - Agriculture provides a livelihood to the majority of the population in Papua New Guinea, a developing island nation of approximately seven million in the south west Pacific. However, the loss and waste of an estimated half of all fresh produce between harvesting and marketing is threatening improvements to food security and local incomes. Yer Kirul, a fresh produce grower and vendor at Gordon's food market in the capital, Port Moresby, told IPS, "We sell our produce, but not always all of it. What isn't sold is either given to street vendors at the end of the day or thrown away. There is a lot of waste." Papua New Guinea is located to the equator and Kirul does not InterOil's planned Gulf LNG project in Papua New Guinea appears to have been thrown a life-line, with newly reappointed Minister for Petroleum and Energy William Duma indicating he stands ready to work with the company to progress the proposal. "I remain optimistic," Duma said Tuesday in response to inquiries from Platts about the project's prospects. Duma's position marks a considerable softening of his stance in May, when he set a 180-day trigger for the termination of InterOil's 2009 project agreement with the PNG government.
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A major effort is under way to inform stakeholders from Pacific Island countries and territories about the emerging deep sea minerals industry. Akuila Tawake, Team Leader of the European Union-funded SPC Deep Sea Minerals (DSM) Project, said that a training programme had been prepared for this regional event in order to assist stakeholders from Pacific ACP (African Caribbean and Pacific Group of States) to participate in the DSM project in a ‘meaningful and effective manner. Bank South Pacific has done it again in providing new kind of banking service to its customers and the people of Papua New Guinea.
BSP has now introduced the wireless Eftpos terminals in taxis, and PNG’s own Comfort taxi is proud to announce its business relationship with BSP. The bank has hooked up five terminals on the Comfort taxi fleet in Port Moresby. |
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