"Continuous Improvement - A must to achieve a world class super for PNG workers,” says Nambawan Super

When the Mekere Government introduced the Superannuation General Provisions Act (the Act) in 2000, the umbrella legislation covering the operations of all super funds in Papua New Guinea, there was certainly no expectation that this law would be set in stone forever. 

Rather, as with all laws, the Government’s expectation would have been that as new industry, economic and market developments emerged over time, the Act would be reviewed and amended. Continuous improvement would be required to enhance the superannuation system and allow it to continue delivering appropriate benefits to members. 

The intention behind the original Act was to entrench prudent and responsible practices within the superannuation industry and other financial institutions, so as to protect the rights and entitlements of PNG workers. To this end a number of major reforms were introduced. 

Some wishes for 2011

Was it really the year of the "noughties"? I began to wonder before Christmas.Then I realised there were highlights as well as some lowlights. Below is my list and what to look forward to in 2011.

Gas Prospects Found In Oro Province

By Simon Eroro  - Post Courier

Multi-Trillion Cubic Feet (TFC) prospect sizes discovered in the Oro Province will support a major stand-alone Liquefied Natural Gas project in the country.

Eaglewood Energy, an international oil and gas exploration company has now contracted Bergen Oilfield Services APS Pty Ltd, a Singaporean company, to conduct an offshore seismic acquisition program in Oro Province.