Country Report
Papua New Guinea upstream summary
Report summary
Papua New Guinea's upstream industry has traditionally been an oil province, with production beginning in 1992 from the Iagifu-Hedinia field, part of the Santos operated Kutubu development area. In the 2010s the country's upstream sector underwent rapid change. Its first LNG project was developed. Production from the ExxonMobil operated PNG LNG project commenced in 2014, with gas being sourced from several fields in the Highlands of Papua New Guinea (PNG).
Table of contents
- Executive summary
- Key facts
- Location maps
-
Key companies
- Majors
-
Geology
- Introduction
- Papuan basin
- North New Guinea Basin
- New Ireland Basin
- Bougainville Basin
- Cape Vogel Basin
-
Exploration
-
Licensing
- 2020s
- 2010s
- 2000s
- 1980s and 1990s
-
Drilling
- Drilling activity
- Papuan Basin
- Other basins
- Success rates
-
Licensing
-
Reserves and resources
- Reserves
- Sub-commercial volumes
-
Production
- Oil/Condensate
- Gas
-
Infrastructure
- Introduction
-
Oil infrastructure
- Refined Products
-
Gas infrastructure
- Phase 1
- Expansion/Subsequent Phases
-
Policy and regulation
- Key legislation
- Regulatory body
- State oil company
- State participation
-
Licensing
- Licence Types
- Petroleum Prospecting Licence
- Petroleum Development Licence
- Petroleum Retention Licence
- Pipeline Licence
- Petroleum Processing Facility Licence
-
Fiscal terms
- Overview
- Current fiscal terms
- Basis
- Government equity participation
-
Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
-
Corporate income tax
- Ring fencing
- Base
- Rate
- Payment schedule
-
Additional profits tax
- Ring fencing
- Base
- Rate
- Payment schedule
- Fiscal treatment of decommissioning
- Product pricing
- Sample cash flow
- Historical background
-
1990s
- Royalty
- CIT and APT
- State participation
-
2000s
- APT
- CIT
-
2010s
- Royalty
- Additional profits tax
- Papua LNG terms
- Production sharing contract (PSC) terms
Tables and charts
This report includes 26 images and tables including:
- Key facts: Table 1
- Country Map
- Liquids and Gas Production 2022
- Reserves and contingent resources at 01/01/2024
- Papua New Guinea: Map of Main Geological Elements and Sedimentary Basins
- Liquids and Gas Production and Reserves
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Liquids Production (2010-2050)
- Production: Table 1
- Production: Table 2
- Gas Production
- Production: Table 3
- Production: Table 4
- Location Map
- Fiscal terms: Table 1
- Fiscal terms: Table 2
- Summary of modelled terms
- Fiscal terms: Table 4
- Fiscal terms: Table 5
- Licence Activity
- Exploration Drilling by Basin (2000-2020)
- Drilling Activity by Well Type (2000-2020)
- Geological and Commercial Success Rates
- Fiscal terms: Table 6
- GEM models
What's included
This report contains:
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