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Horizon Oil to focus on onshore oil, gas in PNG

Staff Reporter | 1:59 PM | ||
HORIZON Oil says the company has a very large oil and gas play onshore in Papua New Guinea.
In an interview with Finance News Network, chief executive officer Brent Emmett said the Australian Securities Exchange (ASX)-listed public company has a market cap of about $80 million ( K192 million)
“Our largest shareholder is IMC, a Singapore family company who have a 30 per cent interest,” Emmett said
“We have a mix of exploration, producing and development assets in Southeast Asia – that’s our geographic focus area.
“Our producing assets deliver about 4000 barrels of oil a day net to the company.
In addition to those, we have a very large oil and gas play onshore Papua New Guinea.”
Emmett said in China, the company has two producing fields in the Beibu Gulf. These fields produce about 3000 barrels of oil a day net to Horizon Oil.
“We have a 27 per cent interest in the project.
“In New Zealand, we have the Maari and Manaia fields offshore the North Island.
“We have a 10 per cent interest in those fields. We developed the fields and they came on-stream in 2009.
“And these fields produce about 10,000 barrels of oil per day (1000 barrels of oil per day net to Horizon Oil). Combined with our producing reserves in China and New Zealand, we have a total of about 116 million barrels of oil equivalent.
“Two-thirds of this is gas, and the gas lies in Papua New Guinea.
We consider this to be a very important focus and balance for us going forward.”
– Finance News Network

Catholic Church in PNG wants complete ban on deep sea Mining

Staff Reporter | 11:12 PM |
Papua New Guinea Catholic Cardinal Sir John Ribat is calling for the ban on the world-first PNG seabed mining project that is set to commence in 2019.

Representing the silent coastal majority, Sir Ribat made a strong call to the PNG  Government to put a complete stop in deep sea mining in PNG waters, especially the massive seabed mining to begin soon in the New Ireland Province.

“These overseas companies will pack up and leave after the extraction but the long-term negative impacts of the mining activity will affect the entire island communities who depend heavily on marine,” he said.

Sir Ribat has raised concerns following the arrival of the machineries in Port Moresby recently for the experimental seabed mining.

He said PNG has no national policy on deep sea mining or an appropriate legal framework to regulate such operations.

Drilling company in PNG buys Central Drillers

Staff Reporter | 2:31 PM | |
THE Anitua Group, a landowner group, has bought Central Drillers, a geotechnical and environmental drilling company which was established in Port Moresby in 1995.
Central Drillers was sold to the group’s subsidiary Anitua Radial Drilling Services.
Central Drillers general manager and founder Simon Brown (pictured) said he was 100 per cent committed to the company and customers.
He said he had always been very much involved in the day-to-day operations of Central Drillers and would continue to do so.
“That is so all of our current and future projects and customers will be well looked after,” Brown said.
Anitua executive director John Gethin-Jones confirmed that Brown was staying on as general manager of Central Drillers.
“Simon has built up a very successful and reputable business over 20-plus years and we wouldn’t want anyone else in the driving seat.
“His industry knowledge and reputation as an operator in PNG is second to none.”
The company plans to launch a new website.
“It may be a new look but we will still be offering the same reliable service to our clients.
“We know PNG, the conditions, the culture. And we know how to deliver the services our clients need,” Brown said.
“Anitua Radial Drilling Services performs different types of drilling to Central Drillers, including geothermal drilling, predominantly on Lihir Island (NIP),” ARDS general manager Aaron Smith said.
Anitua is 100 per cent PNG-owned with investment and revenue staying in the country.
Brown said it greatly influenced his decision to sell and work alongside Anitua.

MRA promotes transparent mining

Staff Reporter | 2:24 PM | |
PAPUA NEW Guinea has taken serious steps toward becoming a fully fledged member of the Extractive Industries Transparency Initiative (EITI). This was what representatives from the Mineral Resources Authority (MRA) told potential investors including mineral exploration companies, service providers,  and geologists at the Hong Kong Mines & Money Convention this week. MRA’s manager for Geographical Information System (GIS) Marketing and Information, Arnold Lakamanga, said the PNG Government through a National Executive Council (NEC) decision had set up a secretariat (PNGEITI) to work toward being a full member of the EITI. Mr Lakemanga said the secretariat is housed within the National Treasury Department as the lead government agency.  The Secretariat comprises Civil Society, NGOs, and  relevant government agencies like the MRA. “The MRA’s objectives are clear. We want investors to know that we want to be transparent in the way we do business,” said Lakamanga. He said as a strong supporter of the PNG EITI process, MRA has put in place a digital tenements management system that is open and transparent as it has features that eliminate potential for any form of influence outside of the normal process. He said the system enables license holders to check on the status of their tenements and applications online. The public can also access general information on tenements and applications. In addition, its website www.mra.gov.pg has important and up to date information on the MRA’s activities. Mr Lakamanga explained that the PNGEITI secretariat had so far produced two reports on the 2013 and 2014 reporting periods, with 2015 and 2016 reports due by December 2017, however more work was being carried out in efforts to become a qualified member. Several investor representatives including those from Rio Tinto and Zijin which is jointly operating the Porgera Mine with Barrick, had commended the country for its efforts. It is hoped that PNG’s EITI efforts will encourage investment in the country by providing investor-confidence. Meanwhile MRA managing director Philip Samar met yesterday (Thursday) with a few of these investors to discuss their interest in mineral exploration and to further assure them of PNGs competent and transparent regulatory processes.

Rise in global Energy Demand

Staff Reporter | 5:35 PM |
OIL and gas leader ExxonMobil has projected an imminent increase in global demand for energy.

Managing Director Andrew Barry said this will be more than the combined energy demands of Russia, India, Africa, Latin America, Middle East and Papua New Guinea.

Mr Barry also singled out LNG to be the fastest growing major energy source throughout 2018 with global demand projected to rise about 45 percent from 2015.

He said PNG has a lot of gas reserves ready to be developed and harnessed as a cleaner fuel than coal and to reduce greenhouse gas emissions.

"The future of LNG is bright. ExxonMobil projects that increase of population along with growing trade and development will increase global energy demand across the world by about 30 percent from now and the year 2040.

If the demand for natural gas grows it is expected to replace coal to become the number two global energy source. While PNG natural gas resources are vast the cost to develop them is high driven by the terrain and remoteness of the opportunities," he said.

Mr Barry said just one exploration well costs around K300m and ExxonMobil and partners and investors have invested more than K2bn in exploration alone since 2007.

He also emphasised that development of the LNG resource will be dictated by the requirements of the global markets.

"PNG will need to compete with big like countries like Australia, United States, Russia, Middle East, Africa and others for investment goals in projects in East Asia.

"LNG exports for Papua New Guinea will provide the backbone investments and engine for the economic growth in the region and also provide the opportunity for domestic gas projects.

"Domestic energy needs in PNG will continue to grow and we encourage foreign support and government’s objective to improve access to electricity across the country.

"We are committed to making sure that domestic gas opportunities and taking major steps towards this goal developing a second major power project in Port Moresby and the first in highlands to be approved soon.

"Our acquisition of InterOil will further engage opportunities for PNG and we are now working with TOTAL as the operator in Papua LNG and will support them in another exciting project," he said. Post Courier

PNG Lihir Gold presents 3-year plan to dept

Staff Reporter | 8:38 PM |
THE Lihir Gold Limited has presented its three-year training plan to the Department of Labour and Industrial Relations in compliance with obligations under the mine development contract.
A company statement said the plan was put together in eight weeks and includes the cost of training (2014-2017), training data (2014-2017), training undertaken (2014-2017), training priorities and needs for the company (2017-2020), HIV AIDS policy, apprenticeship training and trades test entries.
The reporting criteria under the plan remains the same. But as Newcrest’s training priorities have changed, this means that the training programmes will also change to meet business priorities.
The plan reported on the NewSafe Leadership Programme and the coaching for the High Performance Programmes.
The National Training Council Policy (1989) in accordance with the National Training Council Act (1991).
It requires employers to submit a three-year training plan for the development of human resources in the country.
Henry Aika, Kevin Kalis and Roger Giaruva from NTC, Micah Vele from the Independent Fellowship Scheme and Billy Buiri from the National Apprenticeship and Trade Testing Board received the plan on the behalf of the department.
The National

PNG Ok Tedi’s Japanese customers visit mine

Staff Reporter | 8:35 PM |
OK Tedi Mining Limited is celebrating its 30th consecutive year of shipment with its six Japanese smelter company customers.
From 1987 to the end of last year, Ok Tedi sold 7.3 million tonnes of copper concentrate to the Japanese smelters.
The company in a statement said to celebrate the milestone, representatives from Ok Tedi’s six Japanese smelters, two buyers’ agents, four Japanese trading companies and resource project investors, and two Japanese shipping companies visited its mine operations last week.
Managing director and chief executive officer Peter Graham said it was an honour to meet their Japanese customer representatives and agents in PNG to celebrate the long-standing positive relationships.
Ok Tedi again thanked the customers for their support, particularly through the difficult period in 2015/2016 when the operations were temporarily suspended because of the dry weather.
The delegates visited OTML’s Kiunga Port and the mine and processing plant to understand the production and logistics processes.
General manager of Sumitomo Metal Mining Co Ltd Toru Higo on behalf of the delegation thanked Ok Tedi for the invitation to come to the mine.
“We seldom have the opportunity to visit PNG,” he said. The National

Solomon Islands govt signs agreement to restore mining lease

Staff Reporter | 1:26 PM | |
The Solomon Islands government has withdrawn last year's cancellation of the mining licence for Gold Ridge Mining Ltd.This effectively restarts efforts by landowners and the new majority shareholder, Chinese-owned Australian property developer AXF Group, to re-open the Guadalcanal mine.

In a statement the chairman of the cabinet sub-committee on Gold Ridge said the minister cancelled the mining lease because he felt the previous owner St Barbara's sudden departure breach of the Mines and Minerals Act, and the Mining Agreement.

The miner's departure from Gold Ridge followed complications around flash floods in April 2014, which compromised the mine's tailings dam and impeded access to the mine.

St Barbara however, has repeatedly denied abandoning the mine.

It stands by its transfer of ownership, via the sale at a nominal amount, to local landowning company Gold Ridge Community Investments Ltd.

The Australian miner also denied claims by GCIL following the sale that it had saddled the local landowner company with all the environmental liability of the closed mine.

Following the signing of the agreement with government to restore the mining licence, GCIL's chairperson, Walton Naezon, said landowners would be working closely with their chosen investor and the government to restore the mine to profitability. RNZI