PAPUA NEW GUINEA

(in Australasia)

CAPITAL: PORT MORESBY

POPULATION: 6 mm

AREA (on): 462,800 km2

OIL PEAK: 1993

SUPPLY

Oil began to be produced in Papua New Guinea in 1992 after heli-borne rigs were used to explore in the remote jungle ridges. Fields clustered in the Kutubu complex remain the only oil and gas producers. Apart from brief increases in output in the late 1990s production had been in permanent decline up to 2002 when output stabilised.

It is forecast that new a LNG gas development, firstly tapping gas fields in the Papuan Fold Belt, after a pipeline project to Australia was abandoned, will lead to considerable growth in gas production after 2013. The processing plant will also be tied into offshore discoveries in the Gulf of Papua. Associated liquids production from these fields should lead to small increases in oil output allowing the oil production plateau to be maintained.

 

DEMAND

Oil demand in Papua New Guinea is not great but there will be some minor growth as the country’s economy expands, ceasing in 2016 when prices begin to rise again. The country is a net oil exporter, and exports will increase a little after 2014 when liquids from new gas developments come onstream.

PNG consumes very small quantities of local gas. However, after it begins to produce LNG, the ready supply of gas will create some growth in indigenous gas use.

 

 
 

 

 

This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.

 

An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this country can be commissioned,

including all relevant charts. Contact us for price and contents list.

 

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