Economy of Papua New Guinea

===Oil and gas===

===Oil and gas===

The Iagifu/Hedinia Field was discovered in 1986 in the Papuan [[fold and thrust belt]].<ref name="Matzke">Matzke, R.H., Smith, J.G., and Foo, W.K., 1992, Iagifu/Hedinia Field, In Giant Oil and Gas Fields of the Decade, 1978–1988, AAPG Memoir 54, Halbouty, M.T., editor, Tulsa: American Association of Petroleum Geologists, {{ISBN|0-89181-333-0}}</ref>{{rp|471}}

The Iagifu/Hedinia Field was discovered in 1986 in the Papuan [[fold and thrust belt]].<ref name="Matzke">Matzke, R.H., Smith, J.G., and Foo, W.K., 1992, Iagifu/Hedinia Field, In Giant Oil and Gas Fields of the Decade, 1978–1988, AAPG Memoir 54, Halbouty, M.T., editor, Tulsa: American Association of Petroleum Geologists, {{ISBN|0-89181-333-0}}</ref>{{rp|471}} Most [[crude oil]] produced is exported, although some is imported for energy production.<ref name="CCDA2018"/>{{rp|9}}

LNG exports began in 2014, although the opening of new projects has been delayed due to disputes regarding revenue sharing.<ref name="Cornock2020"/>{{rp|10, 12}}

LNG exports began in 2014, although the opening of new projects has been delayed due to disputes regarding revenue sharing.<ref name="Cornock2020"/>{{rp|10, 12}} Around 80% of all LNG produced is exported.<ref name="CCDA2018"/>{{rp|9}}

The first major gas project was the PNG LNG joint venture. [[ExxonMobil]] is operator of the joint venture, also comprising PNG company [[Oil Search]], [[Santos Limited|Santos]], Kumul Petroleum Holdings (Papua New Guinea's national oil and gas company), [[JXTG Holdings|JX Nippon Oil and Gas Exploration]], the PNG government's [[Mineral Resources Development Company]] and [[Petromin Corporation|Petromin PNG Holdings]]. The project is an integrated development that includes gas production and processing facilities in the [[Hela Province|Hela]], [[Southern Highlands Province|Southern Highlands]] and [[Western Province (Papua New Guinea)|Western]] Provinces of Papua New Guinea, including liquefaction and storage facilities (located northwest of Port Moresby) with capacity of 6.9 million tonnes per year. There are over {{convert|700|km}} of pipelines connecting the facilities.<ref name="Exxon">{{cite web|title=Papua New Guinea|url=http://corporate.exxonmobil.com/en/company/worldwide-operations/locations/papua-new-guinea|website=ExxonMobil|access-date=13 January 2017|archive-date=18 January 2017|archive-url=https://web.archive.org/web/20170118041748/http://corporate.exxonmobil.com/en/company/worldwide-operations/locations/papua-new-guinea|url-status=live}}</ref>{{Primary source inline|date=April 2025}} It is the largest private-sector investment in the history of PNG.<ref>{{cite news|title=Voters in Papua New Guinea head to the polls|url=https://www.economist.com/news/asia/21724425-loyalty-clan-impedes-party-politics-voters-papua-new-guinea-head-polls|access-date=30 June 2017|newspaper=[[The Economist]]|date=29 June 2017|archive-date=30 June 2017|archive-url=https://web.archive.org/web/20170630005306/http://www.economist.com/news/asia/21724425-loyalty-clan-impedes-party-politics-voters-papua-new-guinea-head-polls|url-status=live}}</ref> A second major project is based on initial rights held by the French oil and gas major [[TotalEnergies]] and the U.S. company [[InterOil]] Corp. (IOC), which have partly combined their assets after TotalEnergies agreed in December 2013 to purchase 61.3% of IOC's Antelope and Elk gas field rights, with the plan to develop them starting in 2016, including the construction of a liquefaction plant to allow export of LNG. TotalEnergies has separately another joint operating agreement with [[Oil Search]].

The first major gas project was the PNG LNG joint venture. [[ExxonMobil]] is operator of the joint venture, also comprising PNG company [[Oil Search]], [[Santos Limited|Santos]], Kumul Petroleum Holdings (Papua New Guinea's national oil and gas company), [[JXTG Holdings|JX Nippon Oil and Gas Exploration]], the PNG government's [[Mineral Resources Development Company]] and [[Petromin Corporation|Petromin PNG Holdings]]. The project is an integrated development that includes gas production and processing facilities in the [[Hela Province|Hela]], [[Southern Highlands Province|Southern Highlands]] and [[Western Province (Papua New Guinea)|Western]] Provinces of Papua New Guinea, including liquefaction and storage facilities (located northwest of Port Moresby) with capacity of 6.9 million tonnes per year. There are over {{convert|700|km}} of pipelines connecting the facilities.<ref name="Exxon">{{cite web|title=Papua New Guinea|url=http://corporate.exxonmobil.com/en/company/worldwide-operations/locations/papua-new-guinea|website=ExxonMobil|access-date=13 January 2017|archive-date=18 January 2017|archive-url=https://web.archive.org/web/20170118041748/http://corporate.exxonmobil.com/en/company/worldwide-operations/locations/papua-new-guinea|url-status=live}}</ref>{{Primary source inline|date=April 2025}} It is the largest private-sector investment in the history of PNG.<ref>{{cite news|title=Voters in Papua New Guinea head to the polls|url=https://www.economist.com/news/asia/21724425-loyalty-clan-impedes-party-politics-voters-papua-new-guinea-head-polls|access-date=30 June 2017|newspaper=[[The Economist]]|date=29 June 2017|archive-date=30 June 2017|archive-url=https://web.archive.org/web/20170630005306/http://www.economist.com/news/asia/21724425-loyalty-clan-impedes-party-politics-voters-papua-new-guinea-head-polls|url-status=live}}</ref> A second major project is based on initial rights held by the French oil and gas major [[TotalEnergies]] and the U.S. company [[InterOil]] Corp. (IOC), which have partly combined their assets after TotalEnergies agreed in December 2013 to purchase 61.3% of IOC's Antelope and Elk gas field rights, with the plan to develop them starting in 2016, including the construction of a liquefaction plant to allow export of LNG. TotalEnergies has separately another joint operating agreement with [[Oil Search]].