Firm adds to resource base

Business

EXXONMOBIL PNG Ltd says it has added 2.3 trillion cubic feet (Tcf) to the existing PNG LNG project fields’ resource base.
The operator of the PNG LNG joint venture made the announcement yesterday following an independent review by Netherland Sewell Associates Inc.
The company noted that the recertification study, which included all PNG LNG fields, found that the most likely technically recoverable resource was 11.5 Tcf – a 25 per cent increase beyond the earlier 9.2 Tcf assessment.
“The independent review highlights the exceptional quality of the PNG LNG project resources and the significant increase in resource provides the potential for additional mid or long-term sales,” managing director Andrew Barry said.
He said the people of PNG would continue to benefit from the PNG LNG project for many years.
“We remain committed to working with the Government, our co-venturers, provincial governors, landowners and communities to maximise PNG LNG resource value and provide long-term, sustainable benefits to the people of Papua New Guinea,” Barry said.
According to the company, a significant contributor to the increase was the Hides field, due to completion of development drilling including previously undrilled areas of the field, completion of optimised long term depletion plans and production performance since start up in 2014.
In 2016, it produced 7.9 million metric tons – an increase of 14 per cent from the original design of 6.9 million metric tons a year.
It is providing reliable long-term supplies of liquefied natural gas to four major customers in Asia as well as spot and short-term supplies to those and other customers.

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