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flag Papua New Guinea replaces oil tax system with new contracts to boost investment and revenue.

flag Papua New Guinea has overhauled its petroleum fiscal regime, replacing the old tax and royalty system with a new Production Sharing Contract model approved by the National Executive Council. flag The change, announced by Petroleum Minister Jimmy Maladina at the 2025 Petroleum and Energy Conference, aims to boost transparency, attract investment, and increase government revenue from oil and gas projects. flag The reform supports long-term goals to position PNG as a regional energy hub, with the new framework expected to influence future development, including the PNG LNG Project, which has already returned over K32 billion to the state. flag The government also established a new Petroleum Authority to strengthen oversight and governance. flag Meanwhile, international interest remains strong, with TotalEnergies advancing the Papua LNG project and the Western Energy Project projected to inject $3.5 billion into the economy. flag The IMF has reached a staff-level agreement on economic reforms, supporting macroeconomic stability.

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