USGS reports a Magnitude 7.3 Earthquake 61km southwest of Panguna on Bougainville Island, Papua New Guinea on 4/11/14 @ 7:07:22 UTC.
The Australia-Pacific plate boundary is over 4000 km long on the northern margin, from the Sunda (Java) trench in the west to the Solomon Islands in the east. The eastern section is over 2300 km long, extending west from northeast of the Australian continent and the Coral Sea until it intersects the east coast of Papua New Guinea. The boundary is dominated by the general northward subduction of the Australia plate.
There have been 22 M7.5+ earthquakes recorded in the New Guinea region since 1900. The dominant earthquake mechanisms are thrust and strike slip, associated with the arc-continent collision and the relative motions between numerous local microplates. The largest earthquake in the region was a M8.2 shallow thrust fault event in the northern Papua province of Indonesia that killed 166 people in 1996.
The Pacific Tsunami Warning Center said there was no threat of a destructive widespread tsunami. But the agency said quakes of this size can sometimes generate local tsunamis that can be destructive to coasts within a few hundred kilometers of the epicenter.