Papua New Guinea's state-owned oil and gas company, Kumul Petroleum Holdings, made a massive loss of $US460 million in the 2017 financial year, according to its annual report.
A planned new gold and copper mine in East Sepik is opposed by communities right along the length of the Papua New Guinea's Sepik River, an environmental activist says.The Frieda Mine, on the Frieda River - a tributary of the Sepik River - contains one of the largest undeveloped copper-gold deposits in the world.
It is thought to contain 13 million tonnes of copper and 20 million ounces of gold.
Papua New Guinea wants a greater share of benefits from major oil and gas companies operating in the country.rime Minister Peter O'Neill made the comments while opening the 15th PNG Mining and Petroleum Conference in Sydney on Monday.
Oil Search Limited has won the inaugural PNG Chamber of Mines and Petroleum Outstanding Humanitarian Initiative Award for the response and relief efforts during February’s earthquake.
Peter Botten, Oil Search managing director, accepted the award during the 15th PNG Mining and Petroleum Investment Conference dinner in Sydney.
“We had no choice as the damage was unprecedented,” he said.
K5 Billion in revenue has been generated from the PNG LNG project to date, according to ExxonMobil PNG Managing director Andrew Barry.
Mr Barry made the comments during his address to the 15 Chamber of Mines and Petroleum Conference in Sydney on Monday.
“Since startup nearly five years ago, more than 5 billion kina in revenue has been generated by the project and delivered to the PNG government and landowners though royalties, development levies, taxes and dividends.
THE Australian and Papua New Guinea governments are progressing rapidly to deliver a new high-speed Coral Sea Cable that will connect Port Moresby to the global economy through Sydney.
Yesterday, marine survey vessel the RV Northern Endeavour visited Port Moresby to survey the area where the cable will connect to Papua New Guinea’s mainland.
Local media had the opportunity to go on-board the vessel to see the facilities, meet the crew and understand more about the process of delivering this key infrastructure.
Bank South Pacific (BSP) customers can now have their KunduCard branded in their favourite NRL team outfit as of 24th September, 2018.
This follows the issuing of State of Origin co-branded KunduCards to customers in July.
The new NRL team co-branded cards is part of the 3 years deal between the bank and the Australian Rugby League Commission that saw the first launch of the State of Origin branded KunduCards this year.
Air Niugini is set to launch the first direct flights between Papua New Guinea (PNG) and China next month, the airline said on Thursday.
Air Niugini's acting CEO Tahawar Durrani told Xinhua that tickets are already open for bookings from this week.
Bank of PNG announced in its 2018 March quarter economic report that the country’s foreign exchange inflows have improved significantly.
The BPNG attributed it to improvements in the international commodity prices and the recommencement of production at two major mines and the LNG project following the Highlands earthquake in February.
BPNG Governor Loi Bakani stated in the report that in July, foreign exchange inflows had reached the levels of 2017 mainly reflecting higher production by OK Tedi and Porgera mines and the LNG project, coupled with the commencement of corporate tax payments to the Government by the operator of the PNG LNG project.
Trukai Industries has reached a significant milestone in its pursuit towards developing a local rice industry for PNG.
The company yesterday launched a new product into the market, starting a new domestic commercial production for Trukai Industries and PNG.
Called “Trukai Hamamas Rice”, the rice is 100 per cent home-grown in Rangiampum village in Umi, Morobe Province.
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