PNG CORE commends the Papua New Guinea Extractive Industries Transparency Initiative (PNG EITI) on the official launch of its FY2024 Annual Report. This marks an important milestone as PNG prepares for its upcoming EITI Validation, scheduled to commence April 2026.
During the Multi-Stakeholder Group (MSG) Quarter 1 meeting held at Tuna Bay in Port Moresby on Thursday, March 26 representatives from government, industry and civil society were present for the launch.
PNG CORE acknowledges the FY2024 Annual Report as a comprehensive and timely publication that provides critical insights into the performance of PNG’s extractive sector.
The report details revenue contributions from the mining, oil and gas industries, beneficial ownership disclosures and key initiatives aimed at strengthening transparency, accountability, and equitable resource management.
PNG CORE Senior Vice President, Mr. Kassman, OBE, said, PNG CORE recognizes the commitment demonstrated by the PNG EITI National Secretariat, leadership from MSG members as the Report advances transparency and
accountability around our country’s oil, gas and mineral resources.
“The PNG EITI report clearly illustrates the continued importance of the mining and petroleum sector, and highlights the sector’s contribution to government revenue, exports, jobs and community benefits, while reinforcing the need for transparency and accountability. PNG CORE commends the work of all stakeholders in the EITI process,” said Mr. Kassman.
Snapshot of Key Data from PNG EITI Reports 2022 -2024
| Metric | 2022 | 2023 | 2024 | Trend |
| GDP share of economy | 32.0% | 27.4% | 28.3% | Down in 2023, partial recovery in 2024 |
| Share of total exports | 87.3% | 88.6% | 88.3% | Remained very high and broadly stable |
| Direct government revenue | K 4.15bn (26.7%) | K 4.31bn (23.1%) | K 4.27bn (21.7%) | High in value terms, stable share of total revenue |
| Total social expenditure | PGK 565.5m | PGK 564.5m | PGK 649.7m | Lifted strongly in 2024 |
| Subnational benefits | K 953.7m | K 1.062bn | K 1.465bn | Rose strongly over the period |
Mr. Kassman added that between 2022 and 2024, the PNG EITI reports reaffirm the contribution of this sector central to the economy. While there was a slight dip in 2023, the sector recovered in 2024, with export contributions staying strong and government revenues consistently above K4 billion. The rebound was supported by improved operations, including the reopening of Porgera.
PNG CORE further encourages civil society organizations, government agencies, the private sector, resource owners and the general public to download and review the report from the PNG EITI website, adding that PNGCORE website also offers a link.