Papua New Guinea’s tuna industry leaders are calling for reform of the regional Vessel Day Scheme, saying it is counterproductive, speeding up stock depletion, with the size of catches getting smaller. The Vessel Day Scheme (VDS) has been operating since 2005, designed to ‘constrain and reduce catches of target tuna species, and increase the rate of return from fishing activities’ by a complex system of fees paid to member countries of the Parties to the

It’s critical for the future of Papua New Guinea’s forestry and manufacturing sectors that the Government’s planned 40,000 ‘affordable houses’ be built in PNG by local suppliers, industry leaders tell Business Advantage PNG. The O’Neill government announced plans last June for the National Housing Corporation to build a total of 40,000 affordable homes in Port Moresby to relieve a housing shortage, to be funded with offshore finance. But the Housing Minister Paul Isikeli has suggested

Business and employment travel into Papua New Guinea has more than tripled in the last 15 years, outperforming leisure travel, which has see marginal growth over the last five years. Robert Upe reports. Papua New Guinea tourism was in the world spotlight in 2014, with a startling publicity campaign in New York. Two PNG tribesmen, in traditional dress, stopped cars and crowds as they wandered the streets of the Big Apple and visited sites such

Papua New Guinea’s Parliament is likely to approve establishing the long-awaited Sovereign Wealth Fund by June, after unanimously voting for its enactment at its first reading last week. The Sovereign Wealth Fund (SWF) is critical for the country’s future, says Paul Barker, Executive Director of the Institute of National Affairs, an industry-funded PNG think-tank, but says it is crucial that the standard of accountability is high. Globally, there are about 78 SWFs, with a combined

Papua New Guinea is well positioned to benefit from rising LNG demand, despite falling prices, InterOil’s Managing Director Michael Hession tells Business Advantage PNG. InterOil’s Hession has told Business Advantage PNG he doubts the recent fall in global oil and gas prices will affect InterOil’s plans for the prospective second LNG project, the Elk-Antelope fields. ‘We don’t expect near-term production revenue to be affected by falling oil prices and LNG production from Elk-Antelope is scheduled

Certificate III in Metal Fabrication & Welding now available Prepared for the LCCI by Debra Stirling (Centre of Excellence Taskforce) The first public sector, technical trades’ apprenticeship training in Lae for over 20 years gets underway next month at the National Polytechnic Institute of PNG (“Lae Polytech”). There are still a handful of the 16 places available. A second course will commence a short period later. These initial courses, a Certificate III in Metal Fabrication

Last week, independent arbitration upheld InterOil’s decision to sell a gross 40% shareholding in the Elk-Antelope LNG project to French super major, Total SA. Total’s Managing Director in PNG, Philippe Blanchard, talks exclusively to Business Advantage PNG about the arbitration result and Total’s plans for the project. Business Advantage PNG (BAPNG): What is your reaction to arbitration ruling? Are you happy with the ruling? Philippe Blanchard (PB): Yes, because the claim was that the transaction

The Wafi-Golpu gold-copper project in Papua New Guinea’s Morobe Province is a bright spot in an otherwise tight mining environment. The Morobe Mining Joint Venture partners believe it will be one of the world’s lowest cost gold projects, and expect production to begin in 2020. Morobe Mining Joint Venture (MMJV) has estimated that the first stage of the Wafi-Golpu gold-copper project in Morobe Province of PNG will cost US$2.3 billion (K5.9 billion) to develop, less