O’Neill says Supplementary Budget won’t contain any new taxes, Oil Search MD says oil and gas sector could earn K60 billion over the next seven years, and central bank prepares to use block chain technology. Your weekly digest of the latest business news.

Prime Minister Peter O’Neill has reportedly told business leaders there will be no new taxes in the planned 2017 Supplementary Budget. O’Neill also assured the business community that the Government was aware of the ongoing concerns that they had about foreign exchange shortage and that it was working to ease these pressures in a timely manner.

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Oil Search Managing Director Peter Botten has estimated that the oil and gas sector will attract more than K60 billion in investment in the next seven years if given the right environment. According to The National he told a business leaders’ breakfast there was a need to improve the way benefits delivery from the PNG LNG (Liquefied Natural Gas) project were distributed, adding that more than K3 billion had been paid by the project in royalties, development levies and equity distribution to the state and landowners since 2014.

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Loi Bakani, Governor of the Bank of PNG

The Bank of PNG is considering using blockchain technology as a means to tackle financial inclusion problems in the country. Governor Loi Bakani has reportedly told a seminar it could also strengthen PNG banking systems, remittance, identification, credit history and balance payments, create efficiencies and reduce operational costs.

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Gulf Province Governor Chris Haiveta reportedly says he wants to discuss building a port in Gulf Province to ship LNG from the Papua LNG plant, as an alternative to the Port of Lae. He is yet to discuss with Total SA, the operator of the Papua LNG, the province’s position on the pipeline.

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The Post-Courier reports only 11 Members of Parliament submitted their 2016 acquittals reports outlining their use of provincial services improvement program funds. The remaining 100 members, including Prime Minister Peter O’Neill and Finance Minister James Marape, reportedly did not submit their PSIP and district services improvement program funds on time.

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Highlands Pacific is reportedly transferring the management of the Star Mountains exploration project in Western Province to its joint venture partner Anglo American at a cost of US$25 million (K77.7 million). Anglo American can move to an 80 per cent interest in the joint venture by completing a bankable feasibility study by 2030.

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What’s PNG’s most recognisable local consumer brand? Business Advantage PNG is currently running a poll for PNG Facebook users to find out here. The final results are expected to be published soon.

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The blue boats being escorted into Honiara earlier this year. Credit: SIBC

And finally, the Solomon Islands Ministry of Fisheries will destroy half a dozen Vietnamese Blue Boats caught fishing illegally in Solomon Islands’ waters earlier this year. The decision follows a recent High Court decision. The Solomon Islands Maritime Safety Administration has also confirmed that the boats had failed their sea worthiness examination.