A new gas discovery by Oil Search, special economic zone proposed for West Sepik province and new climate deal inked. Your weekly digest of the latest business news.

Oil Search has made a new gas discovery and is now accumulating data to assess the commercial prospects, according to the Post Courier. The gas was encountered in an appraisal well dubbed Kimu 2 and could be linked to other nearby reservoirs.

***

Treasurer Charles Abel. Credit: The National

Treasurer and Deputy Prime Minister Charles Abel has reportedly announced audits will be conducted into several major resource companies. They will run parallel with a joint exercise with commercial banks to identify taxpayers. Abel said audits are also underway by the Bank of Papua New Guinea into foreign currency accounts held by resource companies to ‘ensure compliance with the remittance of proceeds in foreign exchange back to Papua New Guinea.’

***

As part of its drive to diversify the PNG economy away from its dependence on the extractive industries, National Planning Minister Richard Maru has reportedly led a high level government delegation to Vanimo on a fact-finding mission to create a special economic zone for Sandaun province in West Sepik. Maru said the province has the potential to be the biggest producer of oil palm and cocoa in the country.

***

Chairman of the Osikaiang Landowners Association Philip Miriori has reportedly claimed Bougainville Copper (BCL) is making misleading claims about the support it has for re-starting mining at Panguna, a landowner group says. He has claimed a survey undertaken by the Association shows the claim is false and has taken its concerns to the Australian Stock Exchange and the Australian Securities and Investment Commission.

***

The PNG Climate Change and Development Authority has signed an agreement with the Global Green Growth Institute (GGGI) to implement a Green Climate Fund project. Under the agreement, GGGI will support the Authority to strengthen its role as a National Designated Authority to help address climate resilience and low-carbon development.

***

Alluvial mining. Credit: Ramumine

Alluvial miners at Wau and Bulolo, in Morobe, have reportedly called on the Government to reduce the fees needed for mining licences to help keep local people in business. Miners have gone out of business because they cannot afford the fees, said one of the miners, George Waure, on Friday.

***

The Independent Consumer and Competition Commission (ICCC) is reportedly concerned that it may not be effective in regulating the electricity industry if its licensing powers are removed. Energy Minister Sam Basil is claiming that the proposed National Energy Authority will ensure that people in rural areas have access to affordable energy and landowners of future energy projects receive real benefits, according to The National.

***

Photograph of the week

THE Australian Government is supporting people living along the Kokoda Track by the building of crossings over two creeks. The crossings are at the Emuni Creek near Manari village and Eora Creek next to the campsite.