PNG CORE has commended the Papua New Guinea Extractive Industries Transparency Initiative (PNG EITI) on the official launch of its FY2024 Annual Report, marking an important milestone as Papua New Guinea prepares for its upcoming EITI Validation, scheduled to commence in April 2026.
The report was launched during the Multi-Stakeholder Group (MSG) first-quarter meeting held at Tuna Bay in Port Moresby on Thursday, March 26, with representatives from government, industry and civil society in attendance.
PNG CORE described the FY2024 Annual Report as a comprehensive and timely publication that provides critical insights into the performance of Papua New Guinea’s extractive sector.
The report outlines revenue contributions from the mining, oil and gas industries, as well as beneficial ownership disclosures and key initiatives aimed at strengthening transparency, accountability and equitable resource management.
Kassman, Senior Vice President of PNG CORE, said the organisation recognises the commitment demonstrated by the PNG EITI National Secretariat and the leadership of MSG members in advancing transparency and accountability in the management of the country’s oil, gas and mineral resources.
“The PNG EITI report clearly illustrates the continued importance of the mining and petroleum sector, highlighting its contribution to government revenue, exports, jobs and community benefits, while reinforcing the need for transparency and accountability. PNG CORE commends the work of all stakeholders in the EITI process,” Kassman said.
He added that PNG EITI reports from 2022 to 2024 reaffirm the sector’s central role in the economy. While there was a slight dip in 2023, the sector recovered in 2024, with export contributions remaining strong and government revenues consistently exceeding K4 billion. The rebound was supported by improved operations, including the reopening of Porgera.
PNG CORE also encouraged civil society organisations, government agencies, the private sector, resource owners and the general public to download and review the report from the PNG EITI website, noting that the PNG CORE website also provides a link.
The Papua New Guinea Chamber of Resources & Energy (PNG CORE) is the peak industry body representing the mineral resources and energy sectors in Papua New Guinea. Its mission is to foster understanding, generate knowledge and build relationships that enable the country to realise sustained nation-building benefits from its natural resources.
