Oil Search and ExxonMobil buy into gas licences in Gulf of Papua, founder of Curtain Bros, Sir Mick Curtain, dies, and trade disagreement with Fiji resolved. Your weekly digest of the latest business news.

Oil Search and ExxonMobil will acquire a 40 per cent interest each in two prospecting licences in the Gulf of Papua, currently held by China’s Gini Energy, which will retain a 20 per cent interest. Oil Search’s Managing Director, Peter Botten, says exploratory work ‘has identified the offshore Papuan Gulf as an area where there is significant gas potential’. The licences are located approximately 150km south of Port Moresby.

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Sir Mick Curtain. Credit: Courier-Mail

Businessman and the founder and Managing Director of Curtain Brothers Group, Sir Michael Curtain, has died in Townsville, aged 75. Justin McGann, General Manager of Curtain Bros PNG, has described Sir Mick—as he was popularly known—as a ‘great leader’ of the company and a ‘visionary statesman’ for PNG.

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The trade disagreement between Fiji and Papua New Guinea has reportedly ended, after Fiji’s refusal to allow PNG food products to enter the country. Radio NZ International reports the Fiji Government and Biosecurity Authority will soon allow PNG products such as corned beef, rice and biscuits to be imported, after a meeting with the manufacturers of corned beef products, rice and other food.

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A new study in Papua New Guinea is looking at the viability of offering insurance to people in settlements and villages. The survey is being carried out by Capital Insurance and is partly funded by a $US70,000 (K222,000) grant from the Pacific Financial Inclusion Programme.

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The Office of Tourism, Arts and Culture has given the 2016 Lukim PNG Nau Tourism Expo K200,000 to assist preparations for the expo, which runs from September 21 to 27 in Port Moresby, at the Stanley Hotel. Kumul Petroleum Holdings has also given K100,000 for the event.

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Telikom PNG has announced the completion of its High Capacity Network (HCN), between Mt Favenc and Mt Uro in Gulf Province, covering 142.12 kilometres. Remote and rural communities in the rugged terrain that rely heavily on satellite communications will now have access to this national transmission link. Telikom’s Radio Project manager Paose Are said emphasis is now on completing the microwave link between Lae and Madang.

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Steamships says the uncertainty of foreign exchange in the market will continue to have an effect on its businesses in PNG. In its half-year report to the Port Moresby Stock Exchange, the company announced an unaudited profit after tax and minority interests of K43.5 million for the six months to June 2016, a decrease of K17.5 million on the previous corresponding period.

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Air Niugini’s B737 aircraft at Chuuk airport, FSM.

Air Niugini will commence twice weekly air services between Port Moresby and the Federated States of Micronesia (FSM) from December 3. The flights will allow connections between the Pacific, Australia, Indonesia, Philippines and FSM through Port Moresby.

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Fiji says it has withdrawn from the Pacific Agreement on Closer Economic Relations (PACER Plus). Trade Minister Faiyaz Koya reportedly says Australia and New Zealand have back-tracked on their initial commitment of a development-oriented PACER Plus and that two key aspects, labour mobility and development co-operation, are non-binding. This means Australia and New Zealand could withdraw from these arrangements at any time.  

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And finally, housing developments taking place around Port Moresby Jackson International Airport are in breach of Civil Aviation safety rules, the Civil Aviation Safety Authority reportedly says. CEO Wilson Sagati singled out one developer whose structures are located below the flight path and air space of the airport.