Market Report, "Papua New Guinea Oil & Gas Report Q4 2012", published
BMI View: The future is bright for Papua New Guinea (PNG), as long as it can successfully transform its unused gas reserves into exportable LNG. The first scheme is proceeding apace and there are encouraging signs that the second project is attracting buyers for its output, although delays to its planned start-up seem inevitable. Oil production is falling and imports are rising, but the timely arrival of LNG revenues should transform the economy from 2015.
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