BMI View: Expansions to ExxonMobil's PNG LNG project and the likely commencement of production at Total's Elk-Antelope gas field will lead a dramatic growth in PNG's natural gas production and LNG exports over the next 10 years.
|e/f = BMI estimate/forecast. Source: EIA, BMI|
|Crude, NGPL & other liquids prod, 000b/d||28.1||34.0||73.1||79.9||78.8||76.8||74.0|
|Dry natural gas production, bcm||0.1||4.7||9.1||9.1||9.1||9.1||11.0|
|Dry natural gas consumption, bcm||0.1||0.1||0.1||0.1||0.1||0.1||0.1|
|Refined products production, 000b/d||17.5||18.6||20.2||21.6||22.3||23.0||23.7|
|Refined products consumption & ethanol, 000b/d||22.2||22.4||22.6||22.9||23.2||23.6||24.0|
The main trends and developments we highlight for Papua New Guinea's oil and gas sector are:
A significant ramp-up in its LNG exports, driven by the likes of PNG LNG and Papua LNG projects, is set to propel PNG to become the third largest LNG exporter in the Asia-Pacific from 2021, overtaking Indonesia.
Despite underinvestment in oil developments, PNG's crude oil and liquids production will remain largely stable over 2015-2024, supported by associated condensates output from gas developments associated with large LNG export ventures.
The Elk-Antelope joint venture (JV) has chosen Caution Bay near Port Moresby as the site to construct PNG's second standalone LNG export terminal, Papua LNG, once a FID is made. The JV is targeting FID in 2016-2017.
ExxonMobil's PNG LNG facility shipped its first cargo from train 1 to TEPCO in Japan on May 25. The project is now running at full capacity and has been able to begin term contracts ahead of schedule.
In early June Horizon Oil was given the development licence for the Stanley Gas Project leading to the drilling of two wells and installation of facilities. The move achieves the conditions required for Osaka Gas to take a 40% stake in the project.
Following a temporary closure in August 2015 due to disagreements with the PNG Customs over tax payments, Puma Energy's Napa Napa refinery has resumed normal operations. Improvements to the facility's production efficiency and run rates will help to reduce the country's dependence on refined fuels imports in the long term.
The Papua New Guinea Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Papua New Guinea including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.
BMI's Papua New Guinea Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Papuan oil and gas industry.
- Benchmark BMI's independent oil and gas industry forecasts for Papua New Guinea to test consensus views - a key input for successful budgeting and strategic business planning in the Papuan oil and gas market.
- Target business opportunities and risks in the Papuan oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Papua New Guinea.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.
BMI Industry View
Summary of BMI’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the upstream and downstream sectors and within the broader political, economic and business environment.
BMI Industry Forecasts
Historic data series and forecasts to end-2024 for all key industry indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecast:
- Pricing: Oil price (USD/bbl, WTI, Brent, OPEC basket, Urals); oil products prices (unleaded gasoline, gasoil/diesel, jet/kerosene – USD/bbl) at global hubs.
- Production, Consumption, Capacity & Reserves: Proven oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (‘000b/d); proven gas reserves (tcm), production and consumption (bcm) and fuels trade.
- Imports & Exports: Crude oil exports/imports (‘000s b/d) and value of crude oil trade in USD. Fuels exports/imports (‘000s b/d) and value of fuels trade in USD. Natural gas imports/exports (bcm), by pipeline and/or LNG, and value of natural gas trade.
BMI’s Oil & Gas Risk Reward Index
BMI’s Risk Reward Indices provide investors (independents, NOCs, IOCs, oil services companies) looking for opportunities in the region with a clear country-comparative assessment of the upstream and downstream market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.
A profile of the upstream and downstream sectors, including analysis of reserves, output, consumption and trade of energy products; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.
Comparative company analyses by USD sales, % share of total sales, number of employees, year established, ownership structure, oil production (‘000b/d), gas production (bcm), downstream capacity (‘000b/d) and % market share.
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.
Regional perspective on size and value of the industry. Plus comparative rankings by production, refining, imports and exports of oil, gas and LNG.
Global Oil Market & Oil Products Outlook
Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2024 for oil, gas and oil products.
The Oil & gas Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.
*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.