Key Takeaways from the 2024 PNG Investment Week Conference

As a delegate at the 2024 PNG Investment Week, hosted at the International Convention Centre (ICC) in Sydney by PNG CORE, I had the privilege of experiencing firsthand the vibrant discussions and insightful presentations that defined this year’s event. The conference brought together leaders from Papua New Guinea’s public and private sectors, international investors, and industry experts to chart the way forward for PNG’s economy. Here are some of my key takeaways from this exceptional gathering.

General Industry Updates

One of the most striking themes at the conference was a palpable sense of optimism, albeit grounded in the realities of current challenges. From the various sessions I attended, it was clear that PNG’s business environment is steadily evolving. Speakers highlighted government efforts to foster economic diversification, improve fiscal stability, and address systemic bottlenecks that have historically hindered growth.

The emphasis on collaboration between the government, private sector, and international stakeholders stood out as a crucial driver of progress. Additionally, the recognition of PNG’s youthful and energetic population reinforced the importance of investing in education and skill development to meet future workforce demands.

Key Messaging: A Positive but Cautious Outlook

Throughout the conference, the key messaging centered on cautious optimism for 2025. Some of the critical points I noted included:

1. Economic Diversification: There is a clear push to expand beyond traditional resource extraction by nurturing growth in agriculture, fisheries, and tourism—sectors with vast untapped potential.
2. Regulatory Reforms: Progress on reducing red tape and improving investor confidence was a recurring topic. While the steps taken are encouraging, there is still work to be done to ensure consistency and transparency.
3. Green Energy Transition: PNG is actively exploring opportunities in green hydrogen and hydropower, signaling its intent to be part of the global energy transition.
4. Private Sector Leadership: I was particularly inspired by discussions on how businesses can lead the charge in innovation, efficiency, and inclusive growth, supported by enabling government policies.

Key Announcements: Pasca A and Twinza Energy

One of the most significant highlights for me was the announcement by Twinza Energy regarding the Pasca A gas project. This project, which has faced delays over the years, is now moving forward with final investment decisions expected in early 2025. Hearing this directly from key stakeholders was a testament to the progress being made in the oil and gas sector.

The Pasca A project is set to bring transformative benefits, including job creation, enhanced energy security, and significant revenue for PNG’s government. This announcement underscored the importance of collaboration among stakeholders to deliver projects of this scale effectively.

Mining, Oil, and Gas Sectors: A Mixed Bag

As expected, the mining and oil and gas sectors were prominent topics throughout the conference. Here’s what stood out to me:

• Mining: Large-scale projects like Wafi-Golpu and Frieda River remain high on the agenda. While the economic potential is undeniable, navigating community relations, environmental compliance, and financing challenges will be critical to their success.
• Oil and Gas: In addition to Pasca A, the Papua LNG project continues to make headway. The discussions highlighted the delicate balance required to maximise local benefits while maintaining global competitiveness.

It was encouraging to see a strong focus on aligning these industries with global ESG (Environmental, Social, and Governance) standards, which will be crucial for sustaining long-term investor interest.

The General Sentiment: Preparing for a Stronger 2025

The overall sentiment I observed during the conference was one of resilience and determination. Despite the challenges, there was a shared commitment among delegates to capitalise on opportunities and drive meaningful progress. As PNG heads into 2025, targeted reforms, strategic investments, and collaboration will be vital to unlocking the country’s immense potential.

For me, the 2024 PNG Investment Week was not just a conference but a call to action. As stakeholders across industries commit to driving progress, I am excited to witness how PNG will chart its course toward a more prosperous future; one that benefits the nation wholesomely.