This was said at the PNG Mining and Petroleum Investment Conference in Sydney this week by Oil Search managing director Peter Botten when addressed the issue of gas commercialisation pathways and delivering optimal value to stakeholders.
He said development characterised by cooperation and efficient use of capital could deliver highly competitive outcomes.
"PNG has established an excellent reputation for financing, delivery and operation of a world class LNG project and the country can more than double LNG production over the next five years," he said.
"Successful future developments must provide a value balance between investors, the State and communities' growing social challenges. New partnerships between developers, government and communities are necessary to address these challenges.
"PNG offers competitive advantages such as globally competitive production costs, high heating value gas, proximity to Asian markets and top tier operators being augmented with local in-country experience."
On Oil Search's gas strategy, Botten said there was a strong investment case and compelling economic reasons for further exploration in PNG with the company having a strong infrastructure footprint that required future investment.
"A 2015 study concluded that 30tcf still remains to be found in the Western, Eastern and Deepwater areas in PNG with more than 100tcf of gross mean un-risked gas in our current exploration portfolio," he said.
"Exploration in PNG offers future production and capability growth capability for us with future growth potential, competitive returns and our ongoing drilling and seismic activities. This is supported by others who agree that PNG remains a prospective area for exploration."
He said that while LNG had been an outstanding success putting the country on the LNG map and building international financing and investment sentiment, new partnerships and new ways of working were also necessary.
"Lessons on project structure, benefits distribution, taxation balance and full stakeholder involvement have been learnt and reflected in the recent memorandum of understanding for Papua LNG," he said.
"A dynamic environment remains and new ways of addressing social challenges are needed. Government, the private sector and other stakeholders must develop new partnerships to leverage respective skills and address social sensitivities."
Botten said that although a lot had been done in the last 12 months, there must be an improvement in efficiency and transparency of benefits sharing.
"It's also important that we facilitate sustainable non-project activities and skills training in areas like agriculture and trades."