Petroleum resources of Papua New Guinea

Abstract

Papua New Guinea's petroleum sector has substantially grown in the last 2 years. There is an increase in exploration expenditure, which also sees a corresponding increase in the number of exploration licences. Two new petroleum projects have been commissioned and these have added to production of the existing projects. The oilfields are small by world standards. The sector is the second major contributor to the export income and taxation revenue of the country, after minerals. © 2007 The Author Journal compilation.