Peter O'Neill has been elected as Papua New Guinea's (PNG's) prime minister, Australian media reported on Friday.

O'Neill was the only nominee for the position and was elected by 94 votes to 12 on the floor of parliament, the Australian Associated Press (AAP) reported.

"I now declare the member for Ialibu-Pangia, Mr. Peter O'Neill, Prime Minister Peter O'Neill," Speaker Theo Zurenuoc said.

O'Neill is now on his way to government House in PNG's capital Port Moresby to be officially sworn in.

Earlier on Friday, Theo Zurenuoc was sworn in as Speaker of the House by the Governor-General.