Acting secretary for Treasury Dairi Vele said the country will capitalise on these revenues, including the K415 million LNG distributions from the National Petroleum Company PNG, in priority areas such as health and education.
He said the government aimed to get back to a balanced budget by 2017.
On Tuesday, the government tabled in Parliament a K2.3 billion deficit budget.
Vele said; “We know we cannot keep running on deficit budgets. We cannot keep borrowing, borrowing, borrowing; we cannot keep on passing on the liability to the next generation.”
It seemed that in the last two years mining operations have been battling with rising input costs and a weaker kina.
It appeared that in trying to deal with these situations, key projects have been able to calibrate production to achieve optimal mining plans over the past year.
Further assisting that process had been some positive assistance provided by the Government through improved security at some of the mines.
This has seen a reduction in disruptions hence assisted mines to meet production targets in 2014 and ones expected next year.
The oil and gas sector is expected grow at 156% next year due to the first full year of gas production.
While peak production has been delayed to 2016, gas production is expected to be well over three quarter of capacity providing a substantial boost to the sector.