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businessadvantagepng.com/annual Local heart GLOBAL REACH From humble beginnings in 1929, we have grown into PNG’s largest company and investor – operating all its producing oil fields. Our 29 per cent stake in the world- class PNG LNG Project has transformed us into a regionally significant oil and gas producer and exporter. Our in-country experience combined with our partners’ technical and project management skills and PNG’s world class assets, places us in an excellent position to continue developing additional LNG trains and grow our presence in the global market. Our recent acquisition of oil interests in the Alaska North Slope (USA) contains many exciting exploration and appraisal opportunities with material resource upside. These projects have the potential to double our production within the next seven years and ready us to supply more LNG into the market as the world transitions to a low- carbon future. Together with the Oil Search Foundation and other stakeholders, we are delivering improvements in health, education and leadership, women’s empowerment and critical infrastructure. As a responsible operator and PNG’s largest non-government employer, we work closely with our joint venture partners, regulators, government, land owners and communities to ensure long-term, mutually beneficial outcomes. PNG Proud for 90 years In 2016, Oil Search Foundation partnered with Buk Bilong Pikini to establish new libraries and deliver early childhood development and literacy programmes Local heart GLOBAL REACH Welcome Welcome to the 14th annual edition of Business Advantage Papua New Guinea. From humble beginnings in 1929, we have grown into PNG’s largest company and Business Advantage has been But businesses in PNG have proven time and again that investor – operating all its producing oil reporting on Papua New Guinea’s it pays (and pays well) to take a long-term view of such fields. Our 29 per cent stake in the world- economy since 2006: both in this impediments. As we enter 2019, they are looking forward class PNG LNG Project has transformed annual guide and, since 2013, to a year full of opportunity, as this publication shows. through PNG’s top-ranked business There is no better way of learning about a country’s us into a regionally significant oil and gas media, businessadvantagepng.com. business environment than hearing from the people who producer and exporter. We also host the annual Papua New have to live in it every day. It is their perspectives that you Our in-country experience combined Guinea Investment Conference, will read in these pages, provided through our team of with our partners’ technical and project which in 2019 will be held at the experienced business journalists. management skills and PNG’s world class Shangri-La Hotel, Sydney, Australia on 19 and 20 August. We do not claim to be experts on PNG but we talk assets, places us in an excellent position to (Consider yourself invited.) regularly to the people who are: from PNG’s Prime continue developing additional LNG trains PNG’s story since 2006 has been one of major economic Minister to the Governor of the central bank, to dozens and grow our presence in the global market. growth and progress: the massive PNG LNG gas project of senior business leaders from across all sectors of the (now finally delivering revenues into government coffers), economy. Our recent acquisition of oil interests in significant infrastructure development in the form of new This is why our reporting on PNG business is widely the Alaska North Slope (USA) contains ports and upgraded airports; an explosion in the use of shared and syndicated—by business chambers and media many exciting exploration and appraisal mobile phones, a housing boom, an emergent middle class, outlets, in Air Niugini’s in-flight magazine, on social opportunities with material resource upside. an inaugural sovereign bond, and the hosting of APEC 2018. media, by hand, in diplomatic missions, and by word-of- With its youthful population, major mineral resources, mouth These projects have the potential to double location in the world’s largest fishery, pristine environment, If you have not already, I strongly suggest you sign up our production within the next seven years fertile soils and very conducive climate, PNG has a great at businessadvantagepng.com to receive our free email and ready us to supply more LNG into the story to tell. newsletter, which goes out regularly to a global audience of market as the world transitions to a low- As with any emerging market, there have been challenges PNG-focused executives. carbon future. as it has entered more fully into the world economy. These They are a group that grows larger every year, as PNG include foreign currency shortages, frustrations with inadequate finally takes its place as a key Asia-Pacific economy. Together with the Oil Search Foundation infrastructure, an over-exposure to the boom/bust cycles of the Andrew Wilkins and other stakeholders, we are delivering resources sector, as well as natural disasters such as the February Publishing Director improvements in health, education and 2018 earthquake in the country’s Highlands region. Business Advantage International leadership, women’s empowerment and critical infrastructure. Business Advantage Papua New Guinea 2019 was made possible by the support of the following organisations: As a responsible operator and PNG’s largest non-government employer, we work closely with our joint venture partners, regulators, government, land owners and communities to ensure long-term, mutually beneficial outcomes. PNG Proud for 90 years In 2016, Oil Search Foundation partnered with Buk Bilong Pikini to establish new libraries and deliver early childhood development and literacy programmes BUSINESS ADVANTAGE PAPUA NEW GUINEA 3 CONTENTS 18 The 2019 PNG 100 Survey 16 Quotable quotes Our annual survey of PNG’s major companies records profit, 22 The Business Advantage investment and recruitment International PNG Investment expectations for the year ahead. conference 17 Opinion: Oil Search Managing 37 Energy Director Peter Botten says the company’s emphasis on the social 39 Telecommunications dimension is a model for other developing countries. 42 Aviation Economic Update 24 Feature: Governance matters 43 Ports and shipping when seeking investment in PNG 2019 companies. 2019 may prove to be 44 Financial services 6 Papua New Guinea’s 25 Feature: Senior managers breakthrough year. Business 46 Fisheries of PNG’s biggest superannuation Advantage PNG discovers that funds outline their institutional some big projects are in the investment strategies. offing and the economy is 48 Agribusiness gathering pace. 26 Mining and petroleum 52 Tourism special features. Exclusive interviews with the biggest 54 Forestry players in the PNG resources industry, including updates on 55 Who’s Who and other useful the most important prospective resources projects. 53 Feature: Overseas vistors come to Papua New Guinea for its APEC untapped tourism potential. PNG’s biggest ever event 14 The hosting of the annual APEC Economic Leaders’ meeting in Port Moresby has firmly put the country on the map. Business Advantage Papua New Guinea 2019 is published by Project Director: Robert Hamilton-Jones Business Advantage International Pty Ltd ([email protected]) Level 20, 31 Queen St, Melbourne VIC, 3000 Australia Tel 61 3 9111 0044, Fax +61 3 8678 1269. Publishing Director: Andrew Wilkins ([email protected]) Editorial: David James, Kevin McQuillan, Sarah Byrne. Advertising: Charles Saldanha Excellence in publishing and marketing Design: Peter Schofield www.businessadvantagepng.com Cover image: Aaron Chin A digital edition of this publication is available free online at www. Printed in Australia. Both printer and paper manufacturer for this businessadvantagepng.com. Additional printed copies can be publication are accredited to ISO14001, the internationally-recognised purchased for A$35 (incl GST and postage) from the above address standard for environmental management. This publication is printed or by emailing [email protected]. using vegetable inks and the stock is elemental chlorine free and manufactured using sustainable forestry practices. © Copyright 2019 Business Advantage International Pty Ltd and contributors DISCLAIMER Business Advantage Papua New Guinea is a general guide to some potential business ISSN 1836-7895 (print)/1836-7909 (online) opportunities in Papua New Guinea and is not designed as a comprehensive survey. The opinions expressed herein are not necessarily those of the publisher and the publisher does not endorse any of the business or investment opportunities featured, nor does it accept any liability for any costs or losses related to dealings with entities mentioned in this publication. Readers are strongly advised to pursue their own due diligence and consult with investment advisors before making any investment decisions. 4 BUSINESS ADVANTAGE PAPUA NEW GUINEA For 30 years, Datec is PNG’s leading information & communications technology (ICT) solutions & services provider. We partner with world-class, branded vendors for quality and professional delivery to our valued customers. ICT Consulting Internet Solu ti ons IT Strategic Review Inte r net -Home & Office IT Audits Corporate Unlimited P lans Solution Design Metro Area Eth e rnet Cyber Security Cloud Managed Netw o rking Project Management Data Center Sol u tions ICT Infrastructure Cloud Sol utions Structured Cabling DR -Physical/V