It is believed more oil and gas projects are expected to come on stream within the next five to 10 years which has the potential to increase PNG’s production of oil and gas.
Government says this policy will have a positive impact in the country by increasing oil and gas supplies within country at low cost.
Work on the policy began in 2016 and will continue to 2017.
Meanwhile, the Government initiated work on the Template Gas Agreement is expected to be completed next year for government consideration and endorsement.
