Papua New Guinea first started producing liquefied natural gas (LNG) in April 2014 when the flagship $19bn PNG LNG project came on-line months ahead of schedule. With the project exceeding export expectations, the focus has now shifted to two new projects, which would more than double the country’s LNG production capacity if they come to fruition. However, as the government is determined…
Alongside the upstream energy sector, mining has long served as the backbone of Papua New Guinea’s economy. In 2019 the mining and quarrying sector accounted for 10.3% of GDP and was a major source of foreign exchange (forex) earnings, according to the IMF. Like the other extractive industries, mining has emerged as a priority for reform under the administration of Prime Minister James Marape,…
Papua New Guinea’s economic development has long been underpinned by its resource wealth, but a change in government in May 2019 has created fresh momentum for diversification. Since his election, Prime Minister James Marape has made clear his intention to secure greater revenue for the government from future extractive projects, with the aim of nurturing economic growth and investing in…
Interview:John Lewins What changes do you anticipate in regional demand for gold and copper when taking into account industrial activity growth in Asia? JOHN LEWINS: India has traditionally been a major source of demand for gold, especially during wedding season. The growing middle class in India will have a positive impact on gold demand in the commercial sector. This growth in other Asian…
Interview:Keiran Wulff In what ways has the Covid-19 pandemic impacted business operations in Papua New Guinea? KEIRAN WULFF: Like most companies in the oil and gas sector, the pandemic forced us to quickly review all areas of business, particularly our cost base. These included the capital programmes we had planned for 2020, our approach to supporting production operations and our management…
The government of Papua New Guinea faces some challenges in 2020, with the electorate calling for improvements to social and economic infrastructure, and greater efforts to combat both real and perceived corruption. Despite these difficulties, PNG’s resource wealth and strategic location between the industrial centres of north-east Asia, the rising economies of the Association of South-east Asia
Papua New Guinea’s development has been driven by its resource wealth and, while policymakers are focused on long-term diversification, extractive industries still underpin the economy. Since his election, Prime Minister James Marape has made clear his intention to secure greater revenue for the government from future extractive projects, with the aim of nurturing economic growth and investing…
Alongside the upstream energy sector, mining has long served as the backbone of Papua New Guinea’s economy. In 2019 the mining and quarrying sector accounted for 10.3% of GDP and was a major source of foreign exchange earnings. Like the other extractive industries, mining has emerged as a priority for reform under the administration of Prime Minister James Marape. The country has significant deposits…
In this Global Platform video, Wapu Sonk, managing director of Kumul Petroleum Holdings, talks about PNG’s advantages as a strategic location for extractive industries. With a stable government, popular support for upcoming projects and plans to invest $20bn in the sector, PNG is well placed to benefit from growing demand in the Asia-Pacific region. Sonk also discusses plans to secure three new LNG
After a series of delays and missed deadlines, the government signed a deal with France’s Total, US-headquartered ExxonMobil and Papua New Guinea-based Oil Search in April 2019 for the development of a $13bn greenfield liquefied natural gas (LNG) project known as Papua LNG. The news was welcomed by foreign investors and marked a milestone for the country ‘s energy sector. Setting the terms for…
