UPDATE: The threat of a tsunami has mostly passed after a powerful earthquake in Papua New Guinea.
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The 7.4-magnitude quake struck at 11.44am AEST Tuesday about 140km south of the town of Kokopo in northeastern Papua New Guinea at a depth of 50km.
The Pacific Tsunami Warning Centre initially said hazardous tsunami waves were possible within 300km of the epicentre but has since updated it website to say that the tsunami threat had "largely passed."
"Based on all data available to this center... the tsunami threat from this earthquake has now mostly passed. Any remaining threat should be evaluated by local authorities in impacted areas," the PTWC said.
There were no immediate reports of waves being seen and no reports of damage, said Chris McKee, assistant director Geophysical Observatory in Port Moresby.
"The earthquake is offshore and the nearby land areas are fairly sparsely populated," McKee said.
EARLIER: A magnitude 7.4 earthquake has struck the New Britain region of Papua New Guinea, the US Geological Survey said, setting off a tsunami warning within 300 km of the epicentre.
The large earthquake struck 689km north-east of Port Moresby, the capital, at 11:44am Tuesday AEST, at a depth of 63.1 km.
The Joint Australian Tsunami Warning Centre said there was no tsunami threat to the Australian mainland, islands or territories.
The Pacific Tsunami Warning Centre said hazardous tsunami waves were possible within 300km of the epicentre.
There were no immediate reports of waves being seen and no reports of damage, said Chris McKee, assistant director Geophysical Observatory in Port Moresby.
"The earthquake is offshore and the nearby land areas are fairly sparsely populated," McKee said.
The US Geological Survey first reported the earthquake as magnitude 7.5, later revising it to 7.4. An aftershock measuring 5.9 was recorded 10 minutes later.
The quake was centred in the same area as two earthquakes that rocked Papua New Guinea last week - a magnitude 6.8 earthquake on Friday, and a 6.7 on April 30.
Neither of those quakes caused damage or generated a tsunami, but they were slightly lower in strength.
Papua New Guinea sits on the Ring of Fire, the arc of seismic faults around the Pacific Ocean where earthquakes are common.
Reuters, AAP