Papua New Guinea is on track to double its liquefied natural gas (LNG) production capacity following a recent agreement with energy majors, although opposition to the deal may slow down the development process.
Papua New Guinea
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The shortage of foreign exchange liquidity in Papua New Guinea’s economy appears to be easing, with increased currency inflows helping to meet the needs of both importers and the financial sector. However, it may be some time before the imbalance is fully rectified.
A new submarine fibre-optic cable network is already boosting Papua New Guinea’s internet speeds and ICT capacity in some regions, with further improvements set to come this year through a subsea link to Australia.
Economic update | How new investments will drive a rebound in Papua New Guinea’s mining sector
28 Feb 2019
A raft of foreign capital investments across new and existing mines in Papua New Guinea are set to boost production and lead to a rebound in government revenues; however, there are concerns proposed legislative changes could hinder activity moving forward.
A 7.5-magnitude earthquake and its subsequent impact on the mining and energy sectors led to a difficult year for Papua New Guinea in 2018; however, new investments from foreign players should reap dividends moving forward.
Host nation Papua New Guinea has benefitted from the superpower rivalry that dominated this year’s APEC summit, accumulating a series of economic benefits associated with holding the 21-member bloc’s rotating chair for 2018.