Papua LNG

TotalEnergies Promotes Partnerships

He said it was an eye-opener upon his arrival in the country as he spoke very highly of the peoples’ hospitality and friendliness.

“I discovered the many welcoming people and also the site which is so beautiful,” he said.

However, due to the remoteness of Purari and its communities, Mr Pouget described the logistics aspect of the operation to be very challenging, given there are no roads within the project area, which can only be accessed by air and river.

PM Marape Applauds Sinopec

The PM was speaking from Port Moresby on Sunday 6th January in relation to negotiations between the PNG team and China’s giant petroleum company, Sinopec, held recently in Beijing.

Sinopec is acronym for China Petroleum & Chemical Corporation. It is the biggest supplier of oil and petrochemical products in China, is one of the biggest in the world and listed as a state-owned enterprise.

PM outlines major projects

They are the Papua LNG Project, New Porgera Mine, Wafi-Golpu Mine, P’nyang LNG, Pasca LNG and Pandora LNG.


Marape announced this when responding to the Ministerial Statement by Treasurer Ian Ling-Stuckey on the ‘2020 Final Budget Outcomes (FBO) and 2021 Mid-Year Fiscal and Economic Outlook (MYEFO) and the Way Forward’ on Wednesday.


“We are working very hard, and in just two years, we are discussing Papua to ensure that it takes off, Wafi-Golpu, New Porgera, Pandora, Pasca and P’nyang.


BSP listing on ASX

BSP Group Chief Executive Officer,  Robin Fleming made the announcement at the BSP Annual General Meeting, while giving an update on BSP’s full year results for 2020 and first quarter results for 2021.

The bank’s listing on the Australian Stock Exchange will give them the opportunity to grow the business while ensuring stronger returns for their shareholders.

According to BSP Group Chairman, Sir Kostas Constantinou, BSP is on track to join the ASX in the first half of 2021.

Resource law changes after 2025

Prime Minister James Marape says this assurance has been made to stakeholders in the mining and petroleum sectors.

The Prime Ministers revealed this when announcing the non-renewal of the Porgera Gold Mine Special Mining Lease.

Marape said the announcement of the non-renewal of the SML should not scare investors and stakeholders in the mining and petroleum sectors.  

Positive economic growth delayed

During the launching of the World Bank Economic Update Report on PNG, World Bank Senior Economist for Papua New Guinea, Ilyas Sarsenov, said PNG’s economy in the future remains positive.

The delays in major resource projects means the mid-term will remain sluggish.

Western Leaders back PM on Pnyang

Western Governor, Taboi Awi Yoto, and North Fly MP, James Donald, announced in a joint statement their endorsement of the Prime Minister stance to stop negotiations and focus on other resource projects currently in the pipeline.

According to the statement the leaders said PNG was entitled to a fair deal. And after the PNG LNG Project, they expectied ExxonMobil and project partner, Oil Search, to display commercial fairness and reasonableness.

The leaders said the companies chose to discard these core virtues.

PNG economy remains weak

This is according to the ANZ’s Economic Update report of PNG.

ANZ projects an impressive GDP of 3.5 percent for this year, however, says no one should be carried away, as this is all coming from a rebound in gas production following the earthquake-induced disruptions in 2018.

Released on December 17th, the ANZ report warns not to be misled by a strong GDP for 2019, stating the economy remains weak.

The report says the strong GDP is due to a rebound in gas production following the 2018 Highlands earthquake.

Papua LNG project halted

The landowners have demanded for a review into the oil and gas agreement signed by the previous government with the Gulf landowners.

The landowners of Baimuru in the Kikori district of Gulf Province, through their umbrella association, Purari Development Association, took out a court order, restraining the development of the Papua LNG Project.

Stability clause for FX stability: PM

Peter O’Neill thanked the Central Bank for their negotiations in this regard, saying this will address the foreign exchange (forex) issues faced by the country.

The Prime Minister said this at the signing of the Papua LNG Project Agreement.

“I wish to thank the Governor for the Central Bank about the negotiation we are having with project partners,  to give visibility so that we do not have foreign currency issues when we are exporting all these  resources out of the country; our currency must be stable.