XOM Reports Another Papua New Guinea Gas Find

US super-major ExxonMobil announced January 15 another natural gas find in Papua New Guinea, confirming a southeast extension of the  P’nyang field in Western Province.

P’nyang South-2 was spud in October 2017 and drilled to a total depth of 2,725 metres, reaching “high-quality, hydrocarbon-bearing reservoirs” in the Toro and Digimu formations, the company said in a statement.

“We are currently evaluating the well results and together with our co-venture partners will assess the P’nyang field resource potential and development pathway,” said Liam Mellon, president of ExxonMobil Development Company.

Located on the 105,000-acre petroleum retention licence 3, the well was drilled by operator Oil Search, affiliates of which hold a 38.5% interest. ExxonMobil has a 49% interest in the block, while JX Nippon holds the remaining 12.5%.

“When combined with our acquisition of InterOil Corporation, the increase in assessed reserves at Hides in the existing PNG LNG project and our recent Muruk discovery, this adds to our rapidly growing inventory of low cost of supply natural gas in Papua New Guinea,” Mallon said. “We are continuing with our active onshore and offshore exploration program in an effort to provide additional resources to expand existing and planned development projects.”