The company went on an aggressive land grab in PNG last year and now holds interests in 12 blocks covering more than 3.64 million hectares.
Two onshore wells were drilled in late 2011, both of which found gas with associated condensate.
Over in Australia, the company's production averaged 3500 barrels per day from the Laminaria and Corallina fields, while the Kitan field in the Joint Petroleum Development Area is expected to come onstream at the end of the year.
Production in Southeast Asia averaged 119,000 barrels of oil equivalent per day, an increase of 10% over 2009.
The main production increases came from optimisation of facilities in Corridor, from both liquefied natural gas (LNG) trains nearing their design capacity at Tangguh, and from higher gas sales in Malaysia.
Total production for the year was down 2% to 417,000boed as a result of asset sales, while net income was $C648 million ($A648.5 million), up from $437 million in 2009, reflecting higher average commodity prices, improved operating performance and gains on held for trading financial instruments, partially offset by higher taxes and lower gains on asset dispositions.
However, the company recorded a net loss of $304 million in the fourth quarter, compared to a net loss of $111 million in 2009, as higher stock-based compensation expenses and taxes more than offset stronger commodity prices.