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Analysis

PNG's budget raises concerns about the state of economy
OBG
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On paper, the 2015 budget, delivered in late 2014, was a solid financial plan. It anticipated PGK13.9bn ($5.3bn) in revenues and called for PGK16.2bn ($6.1bn) in expenditures, leading to a high but manageable 4.4% budget deficit. Commentators called it restrained, bringing the deficit down from 7.3% of GDP in 2014 without pulling back too much. The year was seen as a transitional one, in which the…

Analysis

Digging up value: Banks use new methods to attract depositors
OBG
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Though the country may appear to lack liquidity, Papua New Guinea may have billions of kina hidden outside the banking system. According to Tony Westaway, managing director of Nationwide Microbank, residents tend to store cash at home, or hide large sums underground in bamboo pipes and in tin cans. The reasons are many: some people do not understand banking, while some do not trust banks and others…

Analysis

New legislation for PNG's sovereign wealth fund to be implemented in mid-2015
OBG
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Papua New Guinea established a sovereign wealth fund in 2012, and while the original law was delayed and greatly revised, it is set to be implemented by mid-2015, with the first liquefied natural gas (LNG) proceeds flowing into the fund by 2016. If all goes according to plan, national savings will begin to accumulate and grow offshore. Estimates have placed the total potential value of the sovereign…

Analysis

Financial inclusiveness a key goal for PNG
OBG
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Financial literacy and financial inclusion are becoming pressing issues in Papua New Guinea and receiving increased attention. In part, this is a function of global trends: financial literacy is vital to sustainable development and is actively being supported by the donor community and local governments. It is also especially a focus for PNG, where a combination of topography, geography and history…

Analysis

Bank South Pacific: Finance
OBG
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The Company Bank South Pacific (BSP) is the leading bank of the South Pacific, holding the largest branch network in Papua New Guinea with over 60 branches throughout the country including its operations in Fiji and Solomon Islands. BSP has total assets valued at PGK15.9bn ($6bn), equivalent to around one-third of PNG’s total 2013 GDP estimate. The bank’s customer loan and receivables portfolio…

Analysis

Highlands Pacific: Mining
OBG
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The Company Highlands Pacific is a PNG incorporated and registered mining and exploration company listed on the Australian Securities Exchange and on the Port Moresby Stock Exchange. Highlands’ major assets are interests in the producing $2.1bn Ramu nickel cobalt mine and the Frieda River copper-gold project, with exploration in progress in the Star Mountains. Highlands also has an exploration tenement…

Analysis

InterOil: Oil and gas
OBG
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The Company InterOil is an independent oil and gas business that is primarily focused on Papua New Guinea. InterOil has exploration licences covering almost 16,000 sq km, with this divided into four petroleum prospecting licences (PPLs) and two petroleum retention licences. Each PPL is currently held for six years, from March 2014. Most of the licences spread over the Eastern Papuan Basin. In the…

Analysis

The government focuses on developing PNG's debt markets
OBG
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Although the Port Moresby Stock Exchange ( POMSox) has been capable of offering debt instruments for some time, the debt market is largely undeveloped in Papua New Guinea. The government’s local-currency issues are illiquid, it has not yet issued an international bond and there is currently only one corporate debt instrument on the POMSoX. There is little available beyond primary issue government…

Analysis

Oil Search: Oil and gas
OBG
plus

The Company Oil Search (OSH) is engaged in oil and gas exploration in Papua New Guinea, as well as in Yemen, Iraq and Tunisia. OSH’s key projects in PNG include the PNG liquefied natural gas (LNG) project, three oil projects (Greater Moran, Gobe and SE Menanda), and the Hides gas-to-electricity (GTE) development. OSH was incorporated in 1929 and is headquartered in Sydney, Australia. OSH’s profit…

Analysis

PNG's niche markets require cultural insight to insure
OBG
plus

A projected rise in home ownership and increasing demand for private health coverage are among the forces expected to drive growth in Papua New Guinea’s insurance sector. However, competitive pressures and global risks may also hamper the industry throughout 2015-16. Though the number of registered insurers is small, the market relatively limited and take-up rates for most forms of non-compulsory…