Despite demanding terrain and remoteness, the gas-prone Papua New Guinea (PNG) Papuan basin has a long exploration history. The 2008 multi-tcf Antelope gas discovery has demonstrated the prospectivity of the Tertiary Miocene play. PNG's domestic hydrocarbon demand is low. The economic future of the basin is heavily linked to the success of the onstream PNG LNG and proposed Papua LNG projects, which allow gas production to reach more lucrative overseas markets. This Exploration Basin report provides a detailed analysis of exploration in this basin, including discovery and development costs, location maps and information about licensing and fiscal terms. We evaluate the yet-to-find volume and value potential.