Country Report

Papua New Guinea upstream summary

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26 April 2018

Papua New Guinea upstream summary

Report summary

Papua New Guinea (PNG) has emerged as a global LNG player after PNG LNG started production in 2014. The US$18.8 billion project is the largest investment in the sector. Preceding this, commercial gas supplies were limited to domestic contracts from the Hides field. PNG will produce over 950 mmcfd of gas from 2015. PNG has traditionally been an oil province with production beginning in 1992 from the Iagifu-Hedinia field, part of the Kutubu development area. Liquids production from Kutubu ...

Table of contents

  • Executive summary
  • Key facts
  • Location maps
  • Key companies
    • Introduction
    • Papuan basin
    • North New Guinea Basin
    • New Ireland Basin
    • Bougainville Basin
    • Cape Vogel Basin
    • Licensing
      • 1980s and 1990s
      • 2000s
      • 2010s
    • Drilling
      • Drilling activity
      • Pre-1990
      • 1990s
      • 2000s
      • 2010s
      • Success rates
    • Commercial Reserves
    • Technical Reserves
    • Oil/Condensate
    • Gas
    • Introduction
    • Oil infrastructure
      • Refined Products
    • Gas infrastructure
      • Phase 1
      • Subsequent Phases
    • Key legislation
    • Regulatory body
    • State oil company
    • State participation
      • Carry & Reimbursement
      • Free Landowner Equity
    • Licensing
      • Licence Types
      • Petroleum Prospecting Licence
      • Petroleum Development Licence
      • Petroleum Retention Licence
      • Pipeline Licence
      • Petroleum Processing Facility Licence
    • Current fiscal terms
    • Concession Terms
      • Royalty and other production taxes
      • Royalty
      • Export duty
      • Environmental / CO2 taxes
      • Other Production Taxes
      • Indirect taxes
      • VAT / Sales Taxes
      • Import duties
      • Social development levies
      • Development Levy
      • Corporate (or Petroleum) Income Tax
      • Tax Rate
      • Taxable Income
      • Investment uplift/credit
      • Loss Carried Forward
      • Dividend Withholding Tax
      • Additional Profits Tax (APT)
      • Ring Fencing
      • Domestic Market Obligation (DMO)
      • Contractor Revenue Entitlement
    • Product Pricing
      • Liquids Pricing
      • Natural Gas Pricing
      • Bonuses, rentals and fees
      • 1990s
      • State Nominee / PRK / Orogen Minerals (1990-1996)
      • Orogen Option Agreement (1996-2002)
      • APT abolished for all new projects (2003)
      • PNG LNG Gas Agreement (2008)
      • Federal Budget changes (2017)
    • Sample Cash Flows
      • Key Assumptions
      • Marginal Government Take
      • Oil Terms
      • Gas Terms
      • PNG LNG Gas Agreement

Tables and charts

This report includes 39 images and tables including:

  • Liquids and Gas Production 2018
  • Gas Production (1990-2020)
  • Remaining Commercial and Technical Reserves at 01/01/2019
  • Key facts: Table 1
  • Country Map
  • Liquids and Gas Production 2018
  • Remaining Commercial and Technical Reserves at 01/01/2019
  • Net Acreage 2019
  • Papua New Guinea: Map of Main Geological Elements and Sedimentary Basins
  • Remaining and Produced Liquids and Gas Reserves at 1/1/2018
  • Reserves and resources: Table 1
  • Reserves and resources: Table 2
  • Liquids Production (1992-2022)
  • Production: Table 1
  • Production: Table 2
  • Gas Production (1990-2020)
  • Production: Table 3
  • Production: Table 4
  • Location Map
  • Licence Activity
  • Exploration Drilling by Basin (1970-1999)
  • Drilling Activity by Well Type (2000-2018)
  • Technical and Commercial Success Rates
  • Fiscal terms: Table 1
  • Fiscal terms: Table 2
  • Fiscal terms: Table 3
  • Fiscal terms: Table 4
  • Fiscal terms: Table 5
  • Fiscal terms: Table 6
  • Fiscal terms: Table 7
  • Fiscal terms: Table 8
  • Fiscal terms: Table 9
  • Fiscal terms: Table 10
  • Fiscal terms: Table 11
  • Fiscal terms: Table 12
  • Fiscal terms: Table 13
  • Fiscal terms: Table 14
  • Fiscal terms: Table 15
  • GEM models

What's included

This report contains:

  • Document

    Country Overview

    PDF 2.90 MB

  • Document

    Country Overview

    XLS 610.00 KB

  • Document

    Country Overview

    ZIP 2.85 MB

  • Document

    Executive summary

    PDF 717.26 KB

  • Document

    Key facts

    PDF 684.68 KB

  • Document

    Location maps

    PDF 1.29 MB

  • Document

    Key companies

    PDF 714.08 KB

  • Document

    Geology

    PDF 1.33 MB

  • Document

    Exploration

    PDF 749.60 KB

  • Document

    Reserves and resources

    PDF 725.55 KB

  • Document

    Production

    PDF 731.72 KB

  • Document

    Infrastructure

    PDF 1.39 MB

  • Document

    Policy and regulation

    PDF 708.28 KB

  • Document

    Fiscal terms

    PDF 779.80 KB

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