He told the Leaders’ Summit yesterday low oil prices also kept a lid on new projects starting.
On global production of liquefied natural gas (LNG), Botten said there would be 40 per cent of new production in the five-year period to 2020.
He said currently there was too much LNG for the world market but Papua New Guinea was very competitive.
Oil Search is one of the partners in the PNG LNG Project and the upcoming Papua LNG Project.
On the private sector perspective of the petroleum and energy sector, Botten said: “We have some of the best going economic projects in our region, if not the world.
“PNG LNG is seen by financers, customers, investors as a world class project and is delivering confidence.
“It is performing well above name plate expectations.
“This also represents some challenges in finding more gas to support our growth.”