PNG unveils offshore gas discovery
Papua New Guinea's (PNG) minister for petroleum and energy, Kerenga Kua, announced on December 12 the presence of an offshore gas condensate field in the New Ireland basin. Recent marine research conducted by Australia's Peak Oil suggests the presence of Exotica North gas prospect, potentially holding 3.6 trillion ft3 of natural gas.
The minister was speaking at the Papua New Guinea Chamber of Resources and Energy’s Investment Conference in Sydney. “This latest find is very exciting news for PNG,” he said. “It would strengthen our goal to become the biggest oil and gas producing nation in the world over the next 40 years.”
The board chair of Peak, Brent McInnes, said: “We are delighted to share this news with the people of PNG and the resource sector. This would be the first offshore natural gas discovery for PNG in 50 years. It represents a new energy frontier and it is without doubt one of the most important energy discoveries in recent times.”
McInnes said the Exotica North gas prospect was a very attractive proposition for commercialisation.
“We look forward to working with the PNG government and the resource sector to bring this potentially world-class project to fruition as soon as possible,” he said.
Peak has been conducting research within New Ireland basin since 2009. The basin lies between New Ireland and Lihir Island in the New Ireland province. The company’s latest research findings are based on data gathered during a two-month marine geoscience expedition to the area in June and July this year.