Elk-Antelope arbitration hearing in London completed, fuel supplies to return after roadblocks eased, and Santos delivers sales records. Your weekly digest of the latest business news.

InterOil Corp CEO Michael Hession said the arbitration hearings in London on pre-emptive rights at the Elk-Antelope gas field in Gulf Province have been completed and the company expects a decision this quarter. Oil Search Ltd is contesting InterOil’s decision to select France’s Total SA as its partner in what could be PNG’s second major gas project.

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Port Moresby avoided a major fuel and power crisis this week after roadblocks set up by angry local villagers at Hanuabada and Baruni were eased to allow traffic through. Three diesel stations in Port Moresby had been shut down due to a lack of fuel supply as a result of the roadblocks. Mobil and Puma Energy had not been able to deliver fuel to the power stations. Port Moresby Chamber of Commerce & Industry said Wednesday that the villagers had agreed to lift the blockade in Hanuabada to allow essential traffic to flow. Protests, and ensuing roadblocks, followed an alleged police shooting in the area.

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LNG ship

Santos Ltd, one of the partners in the PNG LNG project, has delivered record sales revenue in both the fourth quarter and full year. Reflecting a full quarter of production from the PNG LNG operation, total sales jumped by 79% during the period.

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SpeedCast International Ltd has entered into an agreement with O3b Networks which they say will lead to improved internet services in Papua New Guinea through the Medium Earth Orbit satellite constellation.

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The World Bank expects the global drop in oil prices to have a significant effect on Papua New Guinea’s economy. In addition, the World Bank says PNG’s growth outside the mining sector will be 4% in 2015.

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Nambawan Seafoods Tuna is planning to develop a tuna plant, capable of processing up to 200 tonnes a day, in Lae this year.

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PNG Coffee beans, Credit: AFP

The Coffee Industry Corporation is aiming to partner with districts on coffee development plans, roll out freight surety roll and rehabilitation programmes and connect farmers to markets, according to Chief Executive Anton Benjamin.

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Prime Minister Peter O’Neill has officially opened the Lalibu district sub-branch of the Bank of South Pacific in the Southern Highlands province.

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Australian-based Niuminco Group Ltd has achieved a ramp up in production at the Edie Creek gold mine in Morobe province, resulting in a 28% rise in output and a 25% increase in sales.

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Pacific tuna. Credit: SPC

The PNG Government plans to stop issuing fishing licences to vessel owners unless they have tuna processing plants in the country, according to Richard Maru, Trade, Commerce and Industry Minister.

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Starting in April, Philippines Airlines will operate two weekly flights to Papua New Guinea from Manila.

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Papua New Guinea has earned more than K41 million from coconut exports in the first half of 2014, according to Kokonas Industri Koporesen, with the Philippines being the major buyer of the country’s copra.

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Almost US$100 million in foreign exchange earnings have been derived from the sale of 226,300 tonnes of raw sugar during the 2014 season, according to Fiji Sugar Corporation Executive Chairman Abdul Khan.

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The democratic elections in Fiji last September have caused a resurgence in investor interest in the country, according to the Chief Executive Officer of Denarau Marina, Nigel Skeggs.

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The Vanuatu Government plans a review of the Vanuatu Broadcasting and Television Corporation with the aim of equipping the media outlet with the right technological skills for the future. The review will include retiring or making redundant about a third of the staff.

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And… Papua New Guinean athletes competing in this year’s Pacific Games in Port Moresby have been promised K20,000 if they win a gold medal.