Papua New Guinea’s US$14.5 billion Papua LNG project is on track to reach a Final Investment Decision (FID) by December 15, 2026, with progress on the development drawing increased international interest in the country’s resources sector.
PNG Chamber of Resources and Energy (PNGCORE) President and PNG Investment Week Convenor Anthony Smaré congratulated the Marape-Rosso government, provincial leaders and project partners for advancing the project towards the investment milestone.
Smaré credited Prime Minister James Marape, Petroleum Minister Jimmy Maladina, the State Negotiating Team and leaders from Gulf and Central provinces for securing the agreements and legislative approvals needed to advance the project.
He also acknowledged landowners and communities in the two provinces for their agreement through the Development Forum, which cleared a key step towards FID.
The Papua LNG joint venture is led by ExxonMobil, which recently took over as project operator, alongside TotalEnergies, Santos, ENEOS Xplora, Kumul Petroleum Holdings and Mineral Resources Development Company (MRDC).
Smaré said ExxonMobil’s experience operating the existing PNG LNG project at Caution Bay provided confidence in its ability to deliver the next major LNG development.
“ExxonMobil taking over as operator, alongside the PNG LNG plant it already runs at Caution Bay, gives everyone great confidence. Dinesh and his team have delivered one of the world’s best-performing LNG projects in PNG, and they are the right people to deliver the next one,” he said.
FID targeted for December 15
Smaré said reaching FID by December 15 would strengthen PNG’s position as a reliable LNG supplier to Asian markets amid growing demand for secure energy supplies.
He cited instability in the Strait of Hormuz as a reminder of the importance energy buyers place on supply security, noting that PNG’s LNG exports to Asia do not pass through major maritime chokepoints.
“PNG LNG has delivered reliably for more than a decade. Papua LNG lets us meet the growing demand from our customers and lock in PNG’s place as a trusted supplier for the long term. That is why getting to FID on time matters so much,” he said.
International interest boosts PNG Investment Week
Smaré said progress on Papua LNG had also generated increased international interest in PNG Investment Week 2026, scheduled for November 29 to December 2 at the International Convention Centre (ICC) Sydney in Australia.
He said international LNG buyers and engineering, technical and service companies were seeking opportunities to support Papua LNG and other proposed resource and energy developments.
These include P’nyang, Pasca, Muruk, Wildebeest and Wafi-Golpu.
Many of the interested companies were looking to establish partnerships with Papua New Guinean businesses, suppliers and landowner companies, he said.
Papua LNG will feature in a dedicated session at the PNG Resources Investment Summit on December 1, alongside updates on the country's major resource and energy projects.
PNG Investment Week is the country's premier international investment event, organised by PNGCORE in partnership with the PNG government to promote investment opportunities.
The 2026 event is expected to attract about 1,800 delegates and will include the PNG Regulators Forum, PNG Leaders Summit, PNG Resources Investment Summit, PNG Finance and Capital Forum, and PNG Infrastructure and Climate Investment Summit.
Further information on registration, the programme and sponsorship is available at www.pnginvestmentweek.com.pg.
