OSL 2017 revenue higher

The result follows record production for the company and improving global oil prices.

The company recorded a full year production of 30.31 million barrels of oil equivalent (mmboe) for 2017 after a fourth quarter total production of 7.59 mmboe.

Additionally, a 5 percent increase in global prices saw the company surpass estimates.

Oil Search managing director, Peter Botten, said the company finished 2017 strongly, with full year production at the upper end of their guidance range and an all-time record for the company.

Ok Tedi generated K56 billion since 1985

This was revealed by Mining Minister Byron Chan during the signing of the revised Ok Tedi Memorandum of Agreement (MoA) on June 6th in Tabubil.

Chan said from this amount, K20 billion in benefits has been received through goods and services, compensation, training and education, tax credit scheme projects, royalties, levies and dividends.

The revenue generated comes off the back of the mine producing 12 million ounces of gold, 4.5 million tons of copper and 29 million ounces of silver within the same 30-year period.

PNG expenditure requires K50 billion

Finance Minister, James Marape, said this today during the Finance Departments announcement of the Public Finance Management Act 2016 in Port Moreby.

Marape told dignitaries and public servants at the event that PNG’s development needs since independence has always exceeded the country’s budget.

“The need of our country has always exceeded the actual fiscal cash we have on hand to run our budget. That is something that everyone of us, including our public commentators must appreciate.

Smallholder coffee growers carry coffee industry- Dambui

Acting chief executive officer for Coffee Industry Corporation (CIC) Charles Dambui said smallholders contribute the bulk of cherry beans for export because it puts money in their hands to pay for school fee, food, customary obligation and list goes on.       

“Nearly 3.3 million people of PNG depend either directly or indirectly on coffee for their economy, social and food security.”

But the industry continues to decline, with less bags exported over the years, says Dambui.

“In 2011 was the last time the industry export more than 1 million bags.”