Speaking in Sydney at the Papua New Guinea Mining and Petroleum Investment Conference, Somare said he was optimistic about the prospects for the nation's economy.
He said the country was succeeding in overcoming the harmful legacy of the rebellion on Bougainville that saw the Panguna copper mine taken over and destroyed.
"It has been a long time, some four decades, since I led Papua New Guinea to independence," he said.
"Our darkest hour came with the Bougainville conflict. It was a setback from which Bougainville and the nation has not fully recovered. Work is well underway to restore the damage of those years."
Revenues from the nation's LNG project will underwrite many of its social and economic programs over the next five years, he said.
By 2012 three or more world-scale mining operations could be under construction. Among them are Marengo Mining's $US1 billion ($A1.01 billion) plus Yandera project and the huge Frieda River project by Xstrata and Highlands Pacific, now estimated to cost $US5.3 billion.
"We could also witness the reopening of the Bougainville copper mine at a cost of more than $US4 billion, as well as the world's first deep sea mining project at Nautilus," he said.
Somare said ExxonMobil was keeping the $US15 billion PNG LNG project on schedule and the government has given approval for InterOil to build a second LNG plant.
"Exploration for oil and gas has risen to very robust levels," Somare said. "The government is confident there will be further increases in oil and gas exports, and some likelihood our hydrocarbons could underwrite future value-adding initiatives."
Somare said the 2011 national budget, which was brought down last month, kick-started the new development process and set specific targets for better delivery of services by every segment of government.
"In 2012 the leadership baton would have been passed on to a new generation," he said.
"I feel entirely confident that the foundation set by government will augur well for the future of Papua New Guinea's mining and petroleum industry and, ultimately, the future of the people in Papua New Guinea."
