Central & SE Asia / Australasia

Papua New Guinea flag
Summary | Profile

Country profile: Papua New Guinea

Location: Oceania, group of islands including the eastern half of the island of New Guinea between the Coral Sea and the South Pacific Ocean, east of Indonesia
Climate: tropical; northwest monsoon (December to March), southeast monsoon (May to October); slight seasonal temperature variation
Terrain: mostly mountains with coastal lowlands and rolling foothills
Size: 462840 sq. km total (Land area: 452860 sq. km  Water area: 9980 sq.km)
Population: 5,931,769 (July 2008 est.)
Languages: Melanesian Pidgin serves as the lingua franca, English spoken by 1%-2%, Motu spoken in Papua region note: 820 indigenous languages spoken (over one-tenth of the world's total)
Government: constitutional parliamentary democracy
Capital city: Port Moresby
Legal system: based on English common law; has not accepted compulsory ICJ jurisdiction
Currency: kina (PGK)

Country profile

The eastern half of the island of New Guinea - second largest in the world - was divided between Germany (north) and the UK (south) in 1885. The latter area was transferred to Australia in 1902, which occupied the northern portion during World War I and continued to administer the combined areas until independence in 1975. A nine-year secessionist revolt on the island of Bougainville ended in 1997 after claiming some 20,000 lives.

Energy production and consumption

Oil Gas
Production: 50,000 bbl/day (January 2006 est.) 95 million cu m (2005 est.)
Consumption: 26,000 bbl/day (2005 est.) 95 million cu m (2005 est.)
Exports: 44,580 bbl/day (2005 est.)  
Imports: 24,020 bbl/day (2005 est.)  
Reserves: 170 million bbl (2007 est.) 331 billion cu m (1 January 2006 est.)
Major fields:

Papua New Guinea - recent news

07 Mar 24
PNG: PGS sponsors PNG digitalization initiative
PGS is supporting PNG Department of Petroleum and Energy modernization and digitalization, improving access to data. The PNG Department of Petroleum and Energy (DPE) plays a crucial role in regulating Papua New Guinea’s oil and gas industry and provides essential information to partners and prospective investors.
01 Feb 24
PNG: Santos announces partial completion of sale of 2.6 per cent of PNG LNG to Kumul
Santos refers to its 29 December 2023 announcement for the sale of 2.6 per cent of PNG LNG to Kumul Petroleum. Santos and Kumul have agreed an amendment to the Sale Agreement where Kumul has taken an effective interest in the Santos entity that holds the 2.6 per cent sale interest. Kumul has paid US$352 million to Santos on 31 January 2024 to allow partial completion of the transaction.
02 Jan 24
PNG: Santos confirms funding conditions met to complete sale of 2.6 per cent of PNG LNG to Kumul
Santos has confirmed that further to the announcement on 31 August 2023 for the sale of 2.6 per cent of PNG LNG to Kumul Petroleum Holdings, funding for the transaction has been secured by Kumul.
21 Nov 23
PNG: Altrad Sparrows ventures into Papua New Guinea with ExxonMobil LNG contract
Sparrows Group, the maintenance and engineering services specialist for the global energy and industrial sectors, has announced a momentous contract win for the provision of comprehensive crane maintenance services to the ExxonMobil PNG LNG project.
01 Sep 23
PNG: Santos agrees an initial sale of 2.6 per cent of PNG LNG to Kumul and an option for Kumul to acquire a further 2.4 per cent
Santos has executed a binding sale agreement to deliver Kumul Petroleum a 2.6 per cent participating interest in PNG LNG for a total purchase consideration comprising cash of $576 million and the assumption of ca. $160 million of project finance debt and a call option to acquire a further 2.4 per cent participating interest in PNG LNG for a cash purchase price of $524 million.

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