Energy is the engine of economic growth. Therefore the Government recognises the need to manage the energy sector in a manner that is efficient and sustainable. Development of the country’s energy resources therefore will be coordinated in a manner that guarantees PNG attains sustainable income from energy exports while at the same time, the Goverment wants to see the unit cost of energy reduced in order to make PNG an internationally competitive country to invest in.
This policy will also drive economic growth through efficient, reliable and affordable energy access across commercial and industrial sectors.
The overall objective of the energy policy is to ensure affordable, competitive, sustainable and reliable supply of energy to meet national and provincial development needs at least cost, while protecting and conserving the environment.
The energy sector is guided by the Oil and Gas Act 1998, Mining Act 1992, Electricity Industry Act 2002 and a number of other legislations. With the adoption of the PNG Vision 2050, there is need to formulate both the policy and accompanying legislations so as to align them with the Vision; the statutes shall be reviewed and consolidated into one.