Overview of best prospect sectors, major infrastructure projects, significant government procurements and business opportunities.
Several major resource projects have the potential to inject billions of dollars into PNG’s economy over the next 10 to 20 years. These include the Papua LNG, the Wafi-Golpu copper mine, and P’nyang LNG projects. The proposed ExxonMobil-operated P’nyang Project will deliver LNG by constructing new upstream facilities in Western Province linked to existing infrastructure. Subject to a final investment decision by the P’nyang Project co-ventures, the P’nyang development is proposed to commence after the Papua LNG Project in support of ongoing economic development in PNG and expected to generate billions in revenue.
Another major project is the Wafi Golpu copper-gold project in PNG’s Morobe Province. Legal issues have stalled further progress, but PNG’s Mineral Resources Authority and the government are working on having this project along with the Porgera Joint Venture gold mine up and running. The Panguna copper mine on Bougainville has also been discussed as a prospect but these discussions have primarily been led by the Autonomous Bougainville Government and local landowners.
PNG has also introduced a new legislative framework which allows for new economic zones to be developed in certain locations throughout the country. The Special Economic Zone Authority Act explicitly highlights that there will be concessions and tax relief in the first 10 to 15 years for new companies established in these Economic Zones. The Ihu Special Economic Zone is the first approved zone in the country that has already had government funding allocation and is in its second phase of development.
In the 2018 APEC Summit the U.S, Australia, New Zealand, and Japan pledged to help PNG meet its target of connecting 70 percent of the country to electricity by 2030. The PNG Electrification Project (PEP) provides opportunities for U.S. businesses to bid and win contracts for digital and communications infrastructure, energy infrastructure, ports, roads, airports, and other major projects.