About PNG

Papua New Guinea (PNG) makes up the eastern half of the island of New Guinea. In 1885 the southern part was ruled by the United Kingdom and the northern half by Germany. In 1902 sovereignty of the southern part was transferred to Australia, which occupied the northern portion during World War I and continued to administer the combined areas until independence in 1975.

PNG gained this independence on 16 September 1975 and is now a constitutional parliamentary democracy and a Commonwealth Realm. Queen Elizabeth II is the Chief of State and Peter O'Neil is the current Prime Minister and his cabinet is the National Executive Council of Papua New Guinea which is appointed by the Governor General upon the recommendation of the Prime Minister.

PNG became the 142nd member of the United Nations on October 10, 1975 and is a member of the British Commonwealth. It is also a member of other global organisations including the World Trade Organisation, the Asia Pacific Economic Cooperation and has observer status at the Association of South East Asian Nations (ASEAN).

Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for 75% of the population. Mineral deposits, including copper, gold, and oil, account for nearly two-thirds of export earnings.

The main industries of PNG are copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production, petroleum refining; construction and tourism.

The previous Prime Minister, Sir Michael Somare, was the first prime minister ever to serve a full five-year term. His government has brought stability to the national budget, largely through expenditure control.

A consortium led by a Exxon hopes to commercialise of the country's estimated 227 billion cubic meters of natural gas reserves through the construction of a liquefied natural gas (LNG) production facility by 2014. The project has the potential to double the GDP of Papua New Guinea.

The majority of the population of PNG lives in traditional societies and practises subsistence farming. The Government of PNG hopes to retain the culture and tradition of the villages and communities in order to be able to keep them as part of PNG society.

The indigenous population of PNG is one of the most heterogeneous in the world. There are several thousand of these communities most with only a small number of inhabitants. These communities are distinguished by traditions, customs and language.

New Guinea Energy Ltd hopes to work with the people of Papua New Guinea in order to achieve rewards for the country, the people and the Company.