The assets were sold to NPCP by Cue Energy Resources for $US7 million ($A8.5 million) through the sale of its shares in the company's subsidiary Cue PNG Oil Company.
According to PNG Today, NPCP managing director Wapu Sonk said the purchase fit with the company's future plans in the oil and gas sector and had the potential to produce energy for domestic use and export.
"The fair market value of the portfolio is significant and NPCP is confident of realising this substantial value in the near term," he said.
"There are several options available to monetise the gas for power generation, export and petrochemical activities.
"The purchase fits our strategic plan. This purchase strengthens our balance sheet and grows the company."
It also represents the company's first major transaction outside the PNG LNG project, of which NPCP is the state nominee with a 16.57% stake. The acquisition is expected to significantly benefit the national economy.
Sonk said the assets sat along the PNG LNG pipeline and were close to existing facilities, especially at the Kopi tie-in point.
"It represents an exciting chapter for NPCP as the company expands its operations upstream beyond the successful delivery of the PNG LNG Project," he said.
"Several of NPCP's key strategies will be achieved with this acquisition and our shareholder the state and our important stakeholders, the people of Papua New Guinea, will realise value from this acquisition and the company's overall growth in the near term."
The assets acquired from Cue Energy comprise PDL 3 - South East Gobe, South East Gobe, PRL 9 - Barikewa and PRL 14 - Cobra, Iehi and Bilip.
