Oil & Gas Market Briefing: Papua New Guinea

Papua New Guinea (PNG) is now at a crossroads and on the verge of change and social revolution.  Its economy is booming and it is home to the world’s largest new energy project and set to become a top five global gas exporter.  The PNG economy is dominated by the extractive resources industries and investment and high commodity prices have stimulated activity and development in many related sectors.  Asian demand for its commodities, mainly copper, gold and nickel remains buoyant.

An unprecedented level of activity in resources is generating a new future for PNG.  The recent resource boom lifted PNG’s economy to a position as one of the world’s fastest growing in 2011.  One project in particular, the US$17.3 billion Exxon Mobil led LNG project is a key driver of growth.  This constitutes the single largest investment ever made in PNG and is due to come on stream in 2014.

The PNG LNG project is the most important single development in the history of PNG and the $17 billion dollar investment into what was a US$10 million dollar economy is widely expected to double PNG’s GDP.  The project will extract a total of 9 trillion cubic feet of gas for export to Taiwan, China and Japan.

With total gas reserves in PNG estimated at 35.7 trillion cubic feet, there are further oil and gas projects in development and many more yet to be discovered.

Opportunities for UK business:  UK Mining, Oil and Gas companies have long term potential in the region, whilst considerable projects have been started in the past few years, the mineral exploration will continue to uncover prospects and the mining, oil and gas potential is expected to last for decades. For companies who service and supply the extractive resource industry along and healthy outlook will provide many opportunities, eg: Aviation, drilling and supplies, seismic scales, analytical laboratories, technical services, transport and logistics, earthmoving, fuel supply, machinery, catering, accounting, legal, engineering and other professional services.

Low levels of energy supply and natural conditions in the Pacific provide substantial opportunities in therenewable technologies sector.  UK companies with green technology expertise would be welcome in the region.

At this event you will hear a presentation from Jackie Barson MBE, British High Commissioner to Papua New Guinea  that will include:

• An OIL & GAS overview of the PNG market
• OIL & GAS Opportunities and challenges for the supply chain in the market
• How to access the market, do’s and don’ts
• How UKTI can help

Jackie will be supported by: Jeffrey Williams from UK Trade and Investment; Ambassador Lucy Bogari who is Deputy Secretary at the PNG Department of Foreign Affairs; HE Winnie Kiap who is PNG’s High Commissioner to the UK; and David Conn who is the CEO of the Port Moresby Chamber of Commerce and Industry.

For further information including costs or to book a place please click here