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February 27, 2020
Business Featured Finance News

Oxford Business Group releases the Papua New Guinea 2016 Report

Papua New Guinea economy infographic

The Report contains 240 pages of  reports, research, analysis and interviews with leaders in all of Papua New Guinea’s industries.
Here is an economic snapshot from OBG:

 
An economic boom driven by a $19bn natural gas project was followed by a sharp slowdown as global energy prices fell, putting pressure on the government to spread more equitable development in this resource-rich country.
 
Energy: Revving Up
 
Natural gas production soared following the launch of the ExxonMobil-led PNG LNG project, adding a vital new revenue stream despite low energy prices.
 
Mining: Going Steady
 
Even as commodity prices have eased, production of metals has held mostly steady despite a drought that lowered river levels and limited access to some mines.
 
Construction: Downs and Ups
 
While employment has shrunk since the PNG LNG project finished in 2014, a government push to revamp ports and roads, plus a clutch of residential and commercial developments, should sustain the industry while a planned second gas project moves ahead.
 
Tourism: Richly Diverse
 

Rivalling the Amazon for biodiversity and home to one-sixth of the world’s languages, PNG has seen a steady rise in foreign tourist arrivals over the past decade.

 

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