Despite demanding terrain and remoteness, the gas-prone Papua New Guinea (PNG) Papuan Basin has a long exploration history. Over 6.1 billion of barrels equivalent have been discovered from the basin, over 80% of which were gas. PNG's domestic hydrocarbon demand is low, therefore the economics of exploration in the basin is heavily linked to the success of the onstream PNG LNG, its extension and proposed Papua LNG project. This 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.