Papua New Guinea is a country in Oceania that comprises the eastern half of the island of New Guinea and offshore islands in Melanesia, a region of the southwestern Pacific Ocean north of Australia. It has a land border with Indonesia to the west and neighbours Australia to the south and the Solomon Islands to the east. Its capital, on its southern coast, is Port Moresby. The country is the world's third largest island country, with an area of 462,840 km2 (178,700 sq mi).
The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. However, according to the Asian Development Bank its GDP is expected to grow 3.4% in 2022 and 4.6% in 2023. It is dominated by the agricultural, forestry, and fishing sector and the minerals and energy extraction sector. The agricultural, forestry, and fishing sector accounts for most of the labour force of PNG while the minerals and energy extraction sector, including gold, copper, oil and natural gas is responsible for most of the export earnings.
BHP Group Limited, also known as Broken Hill Proprietary Company and formerly as BHP Billiton is an Australian multinational mining and metals public company that was founded in August 1885 and is headquartered in Melbourne.
Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California, it is active in more than 180 countries. Within oil and gas, Chevron is vertically integrated and is involved in hydrocarbon exploration, production, refining, marketing and transport, chemicals manufacturing and sales, and power generation.
ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.
Mitsui O.S.K. Lines is a Japanese transport company headquartered in Toranomon, Minato, Tokyo, Japan. It is one of the largest shipping companies in the world.
Santos Ltd. is an Australian oil and gas exploration and production company, with its headquarters in Adelaide, South Australia. It owns liquefied natural gas (LNG), pipeline gas, and oil assets. It is the biggest supplier of natural gas in Australia, with its plants in the Cooper Basin in South Australia and South West Queensland supplying the eastern states of Australia. Its operations also extend to the seas off Western Australia and Northern Territory.
BG Group plc was a British multinational oil and gas company headquartered in Reading, United Kingdom. On 8 April 2015, Royal Dutch Shell announced that it had reached an agreement to acquire BG Group for $70 billion, subject to regulatory and shareholder agreement. The sale was completed on 15 February 2016. Prior to the takeover, BG Group was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. In the 2015 Forbes Global 2000, BG Group was ranked as the 583rd largest public company in the world.
Sir Mekere Morauta was a Papua New Guinean politician and economist who served as the 7th Prime Minister of Papua New Guinea from 1999 to 2002. Inheriting a depressed economy and a fractious legislature, he embarked on fundamental reforms of the country's economy and political system.
Polskie Górnictwo Naftowe i Gazownictwo S.A., abbreviated to PGNiG, was a Polish state-controlled oil and gas company, headquartered in Warsaw, Poland. The company has branches and representative offices in Russia, Pakistan, Belarus and Ukraine and holds equity interests in some 30 subsidiaries, including providers of specialist geophysical, drilling and well services.
Mining in Papua New Guinea is an important part of the Papua New Guinea economy.
RasGas Company Limited was a liquefied natural gas (LNG) producing company in Qatar. It was the second-biggest LNG producer in Qatar after QatarEnergy LNG. RasGas operated seven LNG trains located in Ras Laffan Industrial City. It was merged with Qatargas on 1 January 2018.
Liquid Niugini LNG is a natural gas liquefaction project in Papua New Guinea. It is developed by Liquid Niugini Gas Ltd, and owned by PNG LNG Inc., a Bahamas-based parent holding company.
Papua New Guinea has exported liquefied natural gas (LNG) since 2014. The LNG sector is important to PNG's economy with US$2.95 billion in exports in 2020, and accounting for 5.25% of the GDP in 2019. On a global scale, PNG is a minor player, with 0.08% of world reserves In 2020, PNG was ranked 16th on the list of gas exporting countries.
Oman LNG is a LNG plant in Qalhat near Sur, Oman. The company was established by the Royal decree of Sultan Qaboos of Oman in 1994. The construction was launched in November 1996, and the plant was commissioned in September 2000. Oman LNG operates three LNG trains with a total capacity of 10.4 million tonnes per year. The company's production facilities are located on the coast at Qalhat near Sur in the South Sharqiyah Governorate, Oman.
Engie SA is a French multinational electric utility company, headquartered in La Défense, Courbevoie. Its activities cover electricity generation and distribution, natural gas, nuclear power, renewable energy, and the petroleum industry. It is involved in both upstream and downstream activities.
Prior to its acquisition by Exxon, InterOil Corporation was an oil and gas company with a primary focus on Papua New Guinea. InterOil's assets included one of Asia's largest undeveloped gas fields, Elk-Antelope, in the Gulf Province. The company employed more than 2000 staff and contractors. Its main offices were in Singapore and Port Moresby. InterOil was formed in 1997 and was incorporated in Canada. The company was listed on the New York Stock Exchange and the Port Moresby Stock Exchange. It had a market capitalization of $2.8 billion.
China National Offshore Oil Corporation, or CNOOC Group, is the third-largest national oil company in China, after CNPC and China Petrochemical Corporation. The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China, along with its subsidiary COOEC.
POSCO International Corporation is South Korea's largest trading company and a subsidiary of POSCO.
The Papua New Guinea earthquake was a magnitude 7.5 earthquake that occurred in the Hela Province of Papua New Guinea on 26 February 2018, at 3:44 a.m. local time. The earthquake's epicenter was 10 kilometres (6.2 mi) west of the town of Komo. The maximum felt intensity was IX (Violent) on the Mercalli intensity scale. A total of 160 people were killed and many others were injured. An aftershock of M6.0 killed 11 people on 4 March, while another aftershock of M6.7 occurred at 00:13 local time on 7 March, killing at least 25 more. A 6.3 aftershock killed another 4 people on 7 April, more than a month after the first tremors hit the area.
