Much of Papua New Guinea’s economic success over the past decade, along with its prospects for future growth going forward, can be tied directly to the energy sector. The efficient construction and operational launch of the country’s first liquefied natural gas (LNG) programme the $19bn PNG LNG project not only secured unprecedented foreign direct investment (FDI) into the country and provided...
Papua New Guinea Energy
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Following successful completion of the Papua New Guinea liquefied natural gas project, the country is experiencing a surge of optimism about foreign investment and overall economic growth. PNG remains favoured by its traditional investors such as Australia, but it is increasingly a target for new players, including China and Japan.
Long a mainstay of Papua New Guinea’s economy, the mining sector has not been immune to the global economic turbulence that continues to buffet the industry. Slack demand for base metal products and decreased access to cash for junior operators has curtailed exploration and development worldwide, affecting a number of PNG operators in the process. Together with local administrative and...
The long wait for the Papua New Guinea liquefied natural gas (LNG) project is now over, and the energy sector is transforming from a major investment vehicle into a primary revenue generator for the economy. In fact, the project is expected to have so much of an impact during its first full year of LNG exports that PNG was projected to lead all Asian economies in GDP growth in 2015, at nearly...
The near future will bring positive change for the energy sector and the economy as a whole, as the investment and construction phase of the $19bn Papua New Guinea liquefied natural gas (LNG) project winds down and the first shipments of gas begin to flow. Progress is also being made in the utilities sector, with major power generation projects and the expansion of water and sewage networks....
Papua New Guinea is poised for change, as the country’s mineral riches are providing a major opportunity for economic development through the exploitation of natural resources. The government’s five-year strategic plan focuses on key development enablers such as free education, improvements to health services, the strengthening of law and order, rural development projects and infrastructure construction.