PNG, one of the world's more resource-rich but market-poor countries, opened access to world markets with the approval of two LNG gas projects late in 2009. Papua New Guinea (PNG) has produced more than 400 MMbbl of oil since commercial production began in 1992, with current production coming from the Moran, Gobe, Kutubu, and Agogo fields. The country's real golden egg, however, is its proved gas reserves, estimated at 15.6 Tcf. Gas production to date has come from the Hides gas field in the Highlands area of the Papuan Basin from which it is transported 45 miles (72 km) north to the Pogara Gold Mine. The PNG government tried to encourage more development in 2001 when it dropped the tax rate on new projects to 30% from the previous 50%. Oil Search and ExxonMobil tried for several years to find enough customers in eastern Australia to justify a gas pipeline from PNG, but they gave up that attempt in 2007.
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