Prime Minister James Marape says Papua New Guinea is entering a new phase of resource development, with the government seeking higher national returns from major mining and petroleum projects while maintaining the country's appeal to international investors.
Speaking at the opening of PNG Resources Week 2026 in Port Moresby, Marape said the government's resource policy has focused on securing stronger economic benefits for Papua New Guinea without undermining investor confidence.
"We are not new to mining, petroleum or energy," Marape said. "Papua New Guinea has been engaged in mining since the 1920s, while our modern petroleum industry has been producing for more than 40 years. We are a proven resource nation with a long record of hosting world-class investments."
Marape thanked resource companies and investors for their long-term commitment to Papua New Guinea, describing the sector as the country's largest source of foreign exchange earnings and a major contributor to employment, government revenue, royalties and infrastructure development.
He said Papua New Guinea has demonstrated its reliability as a resource investment destination through the continued operation of projects including Kutubu, Ok Tedi, Porgera and PNG LNG despite global economic uncertainty.
The prime minister said the successful renegotiation of the Papua LNG Gas Agreement illustrated the government's approach of improving national returns while preserving commercial viability.
"We have successfully renegotiated the Papua LNG Gas Agreement to secure around 55% total national benefits for Papua New Guinea before the project proceeds into construction," he said.
"This shows that our Government can secure stronger national returns while maintaining investor confidence and preserving Papua New Guinea's reputation as a reliable destination for world-class resource investment," he added.
Marape reiterated that the government's benchmark is to secure at least 55% total national benefits from major resource projects, stressing that the figure encompasses more than government equity.
He said the calculation includes taxes, royalties, dividends, landowner benefits, local business participation, downstream processing, employment and other economic gains flowing to Papua New Guinea.
"Investors must make a fair return on their investment. We fully respect that. But our responsibility is to ensure Papua New Guinea also receives a fair share," he said.
Marape highlighted progress across the government's priority projects, known as the "Four Ps and One W"—Porgera, Pasca, Papua LNG, P'nyang and Wafi-Golpu.
According to the prime minister, Porgera has resumed operations under agreements delivering about 55% total national benefits, while Papua LNG has secured similar returns through renegotiated terms.
He said negotiations for the P'nyang gas project are nearing completion and are expected to deliver more than 63% total national benefits, while the Pasca A project is projected to provide approximately 70% benefits to the state.
Negotiations for the Wafi-Golpu copper-gold project are also approaching completion, with only a small number of outstanding issues remaining, he said.
Rejecting criticism that the government had delayed major resource developments, Marape said negotiations had focused on maximizing long-term national value rather than pursuing quick project approvals.
"In the past seven years we have been building strong foundations rather than chasing short-term headlines," he said.
Looking ahead, Marape said Papua New Guinea has more than 19 resource projects at various stages of development, including Wafi-Golpu, Frieda River, Tolukuma, Woodlark, Misima and Yandera, alongside continued petroleum exploration by TotalEnergies and ExxonMobil.
He also emphasized the government's commitment to responsible environmental management, saying future projects must balance economic development with internationally recognized environmental standards.
Marape said downstream processing, local participation and skills development would become increasingly important as the country expands its resource sector, while urging Papua New Guinean businesses to build sustainable enterprises capable of supporting the industry over the long term.
He added that Papua New Guinea's diplomatic engagement with partners including Australia, Japan, France and China was helping attract investment, technology and export opportunities for the country's resource sector.
"The next twenty years will be one of the most exciting periods in our country's history," Marape said. "With sound policies, stable partnerships and stronger national participation, Papua New Guinea is well positioned to become one of the leading resource economies in the Asia-Pacific region while ensuring greater benefits remain with our people."
